PM hails boost in job creation

Australia's unemployment rate rose to 5.6 percent last month, up slightly since January, and above expectations.

But, there were another 17,500 jobs created in February, the 17th straight month of growth.

Malcolm Turnbull could barely contain his excitement.

"The largest number of job created in Australia, ever," Mr Turnbull said.

"A day of setting records.

"One record after another."

The workforce participation rate, including the number of people looking for work, rose at the same time.

Jobs Minister, Michaelia Cash, hailed the data as "more good news" for the economy, and "sensational news for Australians".

There have now been 420,700 jobs added in the last 12 months, the largest ever, the Prime Minister said.

Australia is on target, Ms Cash, to reach the government's promise of a million.

Minister Cash also lauded the fact that 78 percent of new jobs created over the last year, just over 327,000, were full-time positions.

The Prime Minister said the results underlined the need for the government's company tax cuts to be passed by the Senate.

"That's why we need a competitive tax rate," Mr Turnbull said.

"You get more investment. You get more productivity."

And he backed an assurance from the Business Council and ten leading CEOs that company tax cut would create jobs, and lead to higher wages.

"There is no question you will see a rise in wages with a reduction in company tax," he said.

Shadow Minister, Brendan O'Connor, said despite the government's "boasting" there were worrying signs in the unemployment result.

"They should stop crowing and look at the youth unemployment rate," Mr O'Connor said.