Australia's employment rises every month for the first time in decades

Employment in Australia has climbed every month in a calendar year for the first time in almost forty years, Australian Bureau of Statistics data shows. The figures suggest some promise for the future.

The data was released in seasonally adjusted terms by the ABS. Experts believe there is a promising future in it.

According to the data, 2017 was the first full year in which employment climbed every month since the bureau started to release monthly data in 1978. Australia's jobs boom is loud and clear as the total number of employed people climbed by 34,700. That was more than the 15,000 jump that was previously predicted.

Full-time employment climbed by 15,100 jobs. Part-time roles surged by 19,500.

Australia has also recorded a 0.2 percent increase in the participation rate to 65.7 percent. Participation rate refers to the number of people who are either employed or looking for work actively.

A stable pick-up in business sentiment has pushed acceleration in job creation over the last year. Over 400,000 jobs have been produced since December 2016. Three-quarters of them were full-time roles.

"Full-time employment has now increased by around 322,000 persons since December 2016, and makes up the majority of the 393,000 net increase in employment over the period," Australian Bureau of Statistics chief economist Bruce Hockman said.

New South Wales did a heavy lifting as it added up to 140,000 jobs last year. Victoria, on the other hand, was lagging behind with only 87,000 jobs.

Minister for Jobs and Innovation Michaelia Cash believes that the best form of welfare is a job. She said the Turnbull government was investing in getting more Aussies into work.

Wages growth, however, is still the main concern for decision-makers. It has proven a drag on consumer spending. The main test for policymakers would be whether the run of full-time jobs will finally eventuate into wages growth.

Commonwealth Bank’s Gareth Aird told Business Insider Australia that labour market outcomes in 2018 will be critical to the timing of any possible move in the cash rate. “Wages growth should gradually lift as underutilisation continues to recede, and this should put some mild upward pressure on inflation and inflation expectations,” he added.

Meanwhile, ANZ Bank’s Felicity Emmett said the labour market remains in great shape, with another strong gain in employment last month that confirms that underlying momentum in the economy remains solid.