NSW home to half of Australia’s new jobs
As the mining boom fades, NSW has become Australia’s employment champion with latest figures showing the state is home to half of the new jobs created in the past year.
It is a result seen just twice before, one not posted since the 1980s, and investment bank Morgan Stanley says the state’s super-size share of job creation – with about one-third of Australia’s population – was helping to flatter the national jobs data, which on Thursday came in slightly ahead of expectations.
The Australian Bureau of Statistics said there were a net 17,400 more people employed in August compared with July, leaving the official unemployment rate at 6.2 per cent, down from 6.3 per cent the previous month.
Of the newly employed, 9,200 were in NSW, trumped only by Queensland with 11,200. Victoria, meanwhile, lost 6,600 jobs. However, the annual totals for the states also showed that the bulk of extra jobs have come in NSW and Victoria, which added 119,000 and 63,000, respectively.
So while the resources infrastructure boom of yesteryear continues to wind down, the services industries which dominate Australia’s most populous state are doing more of the heavy lifting.
Morgan Stanley researchers say apart from tourism and other services sectors benefiting from the lower Australian dollar, infrastructure, dwelling and commercial property construction are probably behind the hard-working NSW jobs market.
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