Unemployment rate drops to six-year low as jobs growth reaches 20-year high.
Unemployment rate drops to six-year low as jobs growth reaches 20-year high.

‘Jobs growth means more money in workers’ pocket’

MORE than 8000 people found work in NSW in the past month as the annual jobs growth in the state reached a 20-year high.

The extra jobs were evenly split between men and women as female participation in the workforce continues to break records.

Nationally the trend unemployment rate bettered market expectations, coming in at a six-year low of 5.2 per cent.

 

NSW Treasurer Dominic Perrottet is confident jobs growth means more money in workers’ pocket. Picture: Toby Zerna
NSW Treasurer Dominic Perrottet is confident jobs growth means more money in workers’ pocket. Picture: Toby Zerna

 

NSW unemployment rate since April 2011.
NSW unemployment rate since April 2011.

 

 

NSW unemployment rate in the last 12 months.
NSW unemployment rate in the last 12 months.

 

 

In NSW the rate was just 4.5 per cent, ­according to the Australian Bureau of Statistics.

NSW Treasurer Dominic Perrottet said he was confident that the jobs growth would soon translate into more money in workers' pockets.

"We are seeing slow wage growth across the Western world, but we believe wage growth will pick up," he said.

"Since coming to office in 2011 we've created more jobs in NSW than the entire population of the state of Tasmania."

Prime Minister Scott Morrison said 1.15 million jobs had been ­created around the country since the Coalition was elected in 2013.

Prime Minister Scott Morrison said more than 1.15 million jobs have been created. Picture: Kym Smith
Prime Minister Scott Morrison said more than 1.15 million jobs have been created. Picture: Kym Smith

 

"That's 150,000 more than was promised. We promised a million and we've delivered 1.15 million," he said.

"Why? Because we've been backing Australians in small and family businesses all around this country."

Labor employment spokesman Brendan O'Connor said concerns remained about underlying structural problems such as stubbornly high underemployment and stagnant wages growth.

ABS chief economist Bruce Hockman said the figures continued to show a gradual decrease in the trend unemployment rate that began in late 2014.

AMP Capital economist Shane Oliver said wage pressures were expected to pick up.



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