Unemployment at five year low in NSW

Jobs state: Treasurer Dominic Perrottet has overseen the state's unemployment rate drop to a five year low under his watch, the best in the nation.
Jobs state: Treasurer Dominic Perrottet has overseen the state's unemployment rate drop to a five year low under his watch, the best in the nation.

The NSW unemployment rate has hit a five year low, recording figures of a full percentage point against the next best state Victoria on the back of a jobs growth boom.

The latest figures from the ABS reveal that the unemployment rate sits at 4.6 per cent, almost a full percentage point below the rest of the nation, the lowest recorded since June 2012, although a study by Anglicare Australia reveals that there is still room for improvement.

Those ABS figures show that 21,000 jobs were added to the economy in September, some two and half times the amount added in Victoria, while NSW’s youth unemployment rate also remains the lowest in the nation, despite being an alarming 14.3 per cent in the Tamworth region.

NSW leads the country in creating full-time jobs - 75% of new jobs in NSW were full time, compared to 39% in the rest of Australia. NSW added 52% of the nation’s full-time jobs since April 2015

NSW Treasurer Dominic Perrotet

NSW Treasurer Dominic Perrottet said the total number of jobs created since April 2011 was now 410,800, higher than any other state in the nation and above the 400,000 mark for the first time in history.

“The state’s strong economic performance and infrastructure boom is providing huge opportunities for companies now and into the future,” Mr Perrottet said.

“NSW leads the country in creating full-time jobs - 75 per cent of new jobs in NSW were full time, compared to 39 per cent in the rest of Australia. NSW added 52 per cent of the nation’s full-time jobs since April 2015.”

Meanwhile Anglicare’s Jobs Availability Snapshot 2017, which was published this month, shows that it is far from smooth sailing, especially for entry level job seekers, those looking to rejoin the workforce and job seekers in rural and regional areas.

Alarmingly the study showed that in the month of May there were 124,385 job seekers “who may not have qualifications and experience, yet only 25,979 entry level jobs.

“In other words, up to five of these job seekers are competing for each entry level job across the nation. The market cannot be relied upon to fix these problems without intervention. The good news is that there are opportunities, in the form of successful employment pathways and job creation programs,” the study said.