The Australian Bureau of Statistics (ABS) March labour force figures have shocked Australia with better than expected results. The unemployment rate declined to 6.1 per cent, with 37,700 new jobs created, over double the expected amount, of which 31,000 were full time jobs. Over the last six months, we have seen average jobs growth of over 25,000. This will need to continue, as well as see improvements in the economy, if we are to see the unemployment rate continue to fall.
The good news this month is the unemployment rate declined even though the participation rate increased to 64.8 per cent. The retail, housing and civil construction sectors are playing a key role in providing jobs in Australia, as new projects move into the development phase and consumer spending increases.
“Job creation will continue to be a focal points for national and state governments, especially those transitioning from their traditional reliance on the resources sector. It is expected the unemployment rate will remain in the low 6 per cent figures for the next few months but many expect it to rise again towards the latter end of the year. To prevent it from reaching the expected high 6’s, it will be imperative that governments plan for sustainable jobs growth and look to find ways to attract new industries into the region, rather than relying on infrastructure projects for jobs growth.”
The Australian Bureau of Statistics (ABS) March labour force figures for Western Australia have shown the state is making a positive transition from its reliance on the mining boom to encouraging jobs growth in other sectors. The unemployment rate declined to 5.5 per cent but pressure will still be on the government over the coming months as commodity prices continue to fall.
“It will be interesting to see how Western Australia intends to cope with the diminishing strength of its resources sector and, if successful, will be a great example for other resource sector states to follow.”