Another comforting set of employment figures out this morning from the Australian Bureau of Statistics for Prime Minister Kevin Rudd and Treasurer Wayne Swan. An extra 31,200 extra people in full time employment in November was again comfortably higher than the business economists were expecting. The median expectation of the 22 surveyed by Bloomberg was for an increase of 5000.
There is in this strong employment growth a distinct danger signal for the Labor Government. It makes it virtually certain that the Reserve Bank will continue with its course of regular interest rate rises.
A prudent politician will be seriously considering holding an election before there is time for more than one such rise. The Prime Minister should put out of his mind worrying about what a March election will mean for when the election after next will be held.