1 00:00:00,080 --> 00:00:02,240 Speaker 1: So the job numbers came in as expected five point 2 00:00:02,279 --> 00:00:04,520 Speaker 1: three percent for the September quarter, and depending on who's 3 00:00:04,519 --> 00:00:06,800 Speaker 1: writing the headline, of course, it's either the highest in 4 00:00:06,920 --> 00:00:08,960 Speaker 1: nine years or the bottom of the cycle and better 5 00:00:08,960 --> 00:00:11,239 Speaker 1: times or ahead. The Finance Minister Nikola Willis with us, 6 00:00:11,280 --> 00:00:12,160 Speaker 1: good morning. 7 00:00:12,480 --> 00:00:15,520 Speaker 2: Good morning mate. We'll give you the bright side up 8 00:00:15,560 --> 00:00:15,800 Speaker 2: on this. 9 00:00:16,160 --> 00:00:20,000 Speaker 1: Well, it's the rearview mirror, isn't it. 10 00:00:20,079 --> 00:00:20,360 Speaker 2: Really. 11 00:00:20,880 --> 00:00:23,239 Speaker 1: The job adds are up, so it is at the 12 00:00:23,239 --> 00:00:25,160 Speaker 1: bottom are better times coming? 13 00:00:25,760 --> 00:00:28,440 Speaker 2: Well, there were two indicators in there that were positive. 14 00:00:28,480 --> 00:00:31,240 Speaker 2: So there was really strong growth in the hours worked 15 00:00:31,280 --> 00:00:34,080 Speaker 2: that was up zero point nine percent for the period. 16 00:00:34,159 --> 00:00:37,159 Speaker 2: So that's positive because of course when people are working 17 00:00:37,240 --> 00:00:41,080 Speaker 2: more hours, that suggests that there's more activity going on 18 00:00:41,159 --> 00:00:43,120 Speaker 2: in the economy and they're able to get more income 19 00:00:43,159 --> 00:00:47,000 Speaker 2: into their family. Also, there's been a shift away from 20 00:00:47,000 --> 00:00:49,839 Speaker 2: part time to full time employment because you had the 21 00:00:50,200 --> 00:00:53,280 Speaker 2: full time employment rate up in the part time rate 22 00:00:53,440 --> 00:00:57,280 Speaker 2: down a bit. So those are two positive indicators. Of course, 23 00:00:57,320 --> 00:01:00,279 Speaker 2: with unemployment figures they can bounce around the little bit. 24 00:01:00,400 --> 00:01:03,160 Speaker 2: So I'm not in the camp where I'm confidently saying 25 00:01:03,360 --> 00:01:07,279 Speaker 2: that we've absolutely definitely got the highest read at this point. 26 00:01:08,160 --> 00:01:11,240 Speaker 2: There are some economists who say it will go back 27 00:01:11,280 --> 00:01:13,240 Speaker 2: down next quarter. There are others who are being a 28 00:01:13,280 --> 00:01:15,360 Speaker 2: bit more cautious, So we'll see how it plays. What 29 00:01:15,440 --> 00:01:19,040 Speaker 2: we are seeing across the economy a lot of signs 30 00:01:19,319 --> 00:01:21,360 Speaker 2: that the bottom has been reached and that we are 31 00:01:21,400 --> 00:01:24,680 Speaker 2: now very much in recovery. Growing this quarter, expect to 32 00:01:24,720 --> 00:01:28,479 Speaker 2: accelerate into more growth next quarter. All of that is consistent. 33 00:01:29,240 --> 00:01:33,679 Speaker 1: Does the underutilization rate worry Well, it's always a sign 34 00:01:34,160 --> 00:01:37,000 Speaker 1: that you don't have enough work in the economy to 35 00:01:37,040 --> 00:01:39,000 Speaker 1: satisfy the people who are wanting work. 36 00:01:39,160 --> 00:01:43,039 Speaker 2: And so we've always said this is a very simple formula, 37 00:01:43,200 --> 00:01:45,120 Speaker 2: which is you first got to get your inflation and 38 00:01:45,160 --> 00:01:48,720 Speaker 2: your interest rates under control, which we have lower taxes helps, 39 00:01:49,160 --> 00:01:52,280 Speaker 2: and then once you've got that in place, firms will 40 00:01:52,280 --> 00:01:55,280 Speaker 2: have the confidence to start investing and hiring again. But 41 00:01:55,360 --> 00:01:57,600 Speaker 2: we are ambitious to drive it along. It's not just 42 00:01:57,720 --> 00:02:00,680 Speaker 2: enough to do the foundation. So that's why we've been 43 00:02:00,760 --> 00:02:03,520 Speaker 2: keen to fast track these private sector developments which have 44 00:02:03,840 --> 00:02:07,240 Speaker 2: literally thousands of jobs associated with them, and we've had 45 00:02:07,280 --> 00:02:10,400 Speaker 2: four of those approved already, and many of them will 46 00:02:10,440 --> 00:02:13,239 Speaker 2: be kicking off well before Christmas. That's why we're driving 47 00:02:13,240 --> 00:02:16,959 Speaker 2: along these public infrastructure projects, with seven billion dollars worth 48 00:02:17,000 --> 00:02:21,240 Speaker 2: of them starting before Christmas. It's also why we're keen 49 00:02:21,320 --> 00:02:24,000 Speaker 2: out there opening new markets through our exporters. You saw 50 00:02:24,000 --> 00:02:26,959 Speaker 2: the Prime Minister yesterday with the Indian Trade Minister. That's 51 00:02:26,960 --> 00:02:30,519 Speaker 2: why we're welcoming an investment from around the world. Reducing 52 00:02:30,520 --> 00:02:33,760 Speaker 2: red tape for businesses. All of those things about are 53 00:02:33,840 --> 00:02:37,440 Speaker 2: about giving employers the confidence to take on your workers, 54 00:02:37,480 --> 00:02:39,560 Speaker 2: because at the end of the day, you don't just 55 00:02:39,639 --> 00:02:42,120 Speaker 2: deal it with a government hiring spree. You actually need 56 00:02:42,240 --> 00:02:45,840 Speaker 2: private independent businesses saying I like what's ahead, I'm confident 57 00:02:45,960 --> 00:02:46,480 Speaker 2: I'm hiring. 58 00:02:46,680 --> 00:02:49,160 Speaker 1: The related matter is the Reserve Bank report yesterday the 59 00:02:49,200 --> 00:02:51,280 Speaker 1: general I mean, do you get anything? What do they 60 00:02:51,320 --> 00:02:53,720 Speaker 1: do these reports for? I mean I could have written 61 00:02:53,760 --> 00:02:56,440 Speaker 1: it for you and probably a lot cheaper. It says nothing. 62 00:02:56,880 --> 00:02:58,040 Speaker 1: Is there any value in this? 63 00:02:59,080 --> 00:03:02,760 Speaker 2: Yes, there is, because it's the classic case of for 64 00:03:02,919 --> 00:03:07,320 Speaker 2: three or four land financial stability reports, there could be 65 00:03:07,400 --> 00:03:10,720 Speaker 2: one that says, actually, we're seeing some things that are 66 00:03:10,800 --> 00:03:15,760 Speaker 2: making us nervous. Whether that's that they're concerned about what's 67 00:03:15,800 --> 00:03:18,520 Speaker 2: going on in the housing market with a particular type 68 00:03:18,520 --> 00:03:21,200 Speaker 2: of lending, with a sector that's very stressed that could 69 00:03:21,280 --> 00:03:24,840 Speaker 2: pose challenges to financial stability, and when they do that 70 00:03:24,880 --> 00:03:27,880 Speaker 2: analysis and they find that out, then they've got options 71 00:03:27,919 --> 00:03:31,000 Speaker 2: to address it. So yep, it's great when it's positive 72 00:03:31,000 --> 00:03:33,800 Speaker 2: and it's generally as you'd expect, but it can be 73 00:03:33,919 --> 00:03:36,600 Speaker 2: something that can give us warnings of problems that could 74 00:03:36,600 --> 00:03:39,760 Speaker 2: occur in the future. Financial stability. You take it completely 75 00:03:39,800 --> 00:03:42,640 Speaker 2: for granted until something goes wrong and then you've got 76 00:03:42,640 --> 00:03:44,720 Speaker 2: a GFC and you're wish you knew about it earlier. 77 00:03:44,920 --> 00:03:47,840 Speaker 1: Okay, I appreciate your time. Nicholaulis the Finance Minister with 78 00:03:47,920 --> 00:03:50,840 Speaker 1: us this morning. For more from the Mic Asking Breakfast, 79 00:03:51,000 --> 00:03:54,320 Speaker 1: listen live to news talks that'd be from six am weekdays, 80 00:03:54,560 --> 00:03:56,600 Speaker 1: or follow the podcast on iHeartRadio.