Federal Treasurer Josh Frydenberg is cautiously confident over a spike in employment rates. 

Numbers released yesterday saw more than 70,000 new jobs created, causing unemployment rates to fall to 5.6 per cent.

“We’re seeing a rebound in Australia’s labour market that is happening four times faster than what Australia saw after the 1990s recession, even better than our most optimistic forecast last year,” Mr Frydenberg told Neil Breen.

But he said “people shouldn’t get ahead of themselves” amid new predictions unemployment could fall to 4.7 per cent by the end of next year.

“There’s still a long way to go. We’re in the middle of a pandemic.”

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