Jim Chalmers (Rankin, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. On budget night in October last year, the Treasurer announced his hiring credit for under 35s would 'support around 450,000 jobs for young people'. Can the Treasurer confirm that, as of this month, only 521 new hires have been delivered under his scheme?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

We have provided that information, as the shadow Treasurer understands, but the key point is this program is still in its early stages.

Dr Chalmers interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Rankin has asked his question.

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Only the member for Rankin would ask a question about the labour market after it had had a stunning result. When it comes to the JobMaker hiring credit, the member for Rankin has indicated what's been in the media reports over the last few days as a result of this program's early take-up. We know that when it comes to the labour market—

Dr Chalmers interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Rankin is on thin ice!

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

the unemployment rate for those under the age of 35 today is 8.5 per cent. For those over 35 the unemployment rate is 4.2 per cent. What we have taken from Australia's experience with previous recessions is that the scarring of the labour market can be particularly acute when it comes to young people. That is why we designed a program to get younger people who are unemployed into work. We know that there have been 876,000 jobs created in the last nine months, and we saw in the jobs numbers for February that more than 40 per cent of the 88,700 jobs created went to young people. So the reality is that the labour market is showing remarkable resilience, but there is still a challenge getting younger people aged under 35 into work. I repeat: the unemployment rate is 8.5 per cent for those aged under 35, while it is 4.2 per cent for those aged above 35. That is what the JobMaker hiring credit is designed to do, and we on this side of the House are focused on getting more people into work.