In line with the improved outlook for the world economy, the growth of our major trading partner economies from this year onwards are all expected to be positive. This positive outturn augurs well for us in terms of expected increases in visitor arrivals and higher demand for exports.
This flexibility in labour supply is evident in the substantial rise in labour force participation. The participation rate currently stands at 66 per cent, which is the highest on record (Graph 4). Reflecting this, the share of the working-age population in Australia with a job is currently around the record high it reached at the peak of the resources boom.