IR news: fed law update; strong employment growth

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IR news: fed law update; strong employment growth

The Federal IR law changes are on track for early 2006 according to the Minister; and strong jobs growth continues.

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The Federal IR law changes are on track for early 2006 according to the Minister; and strong jobs growth continues.

Fed IR law changes on track for early 2006: Minister

The Federal IR Minister responded to journalists asking about the impending changes to IR law:

'Our aim has always been to have this legislation through the Parliament by the end of the year, so that we can have it in operation from as early as in the first quarter of next year [as possible]...'

The Minister continued to decline to provide a release date for the details of the legislation: 'I can’t state precisely when we will release … details or indeed precisely what day the legislation will come in. What I can say is that the progress that we are making towards having this through the parliament by the end of the year is still on track.'

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Strong jobs growth continues

Yesterday's labour force figures exceeded market expectations, with seasonally adjusted employment increasing strongly, by 32,600 over the month, to a record high of 10,067,500.
Full-time employment increased by 16,100 in August to a record high of 7,186,300 while part-time employment rose by 16,500, also to a record high.

Australia’s unemployment rate was unchanged at 5.0 per cent in August and remains at its equal lowest level since November 1976. The unemployment rate has now been below 6.0 per cent for 24 consecutive months.

It was noteworthy that 403,200 jobs have now been created over the past year, the greatest number in any year since the ABS national Labour Force Survey began in August 1964.

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