Thursday, 14 June 2018
New South Wales set a new benchmark this week with the lowest unemployment rate in Australia for three consecutive years.
The May unemployment rate fell to 4.9 per cent below the rest of Australia, at 5.6 per cent in May according to ABS data.
In the past year alone, New South Wales has added 122,100 jobs, marking employment growth of 3.2 per cent, greater than any other state, and contributing more than 40 per cent of all new jobs nationwide. The figure topped the number of jobs created over the past year in Victoria, South Australia, Western Australia and Tasmania combined.
NSW Treasurer Dominic Perrottet said the unemployment rate was no miracle but the result of effective economic management.
“We are proud of our investment programs and our business reforms, which are driving employment growth for the people of NSW,” Mr Perrottet said.
“More jobs deliver more security for more households, the security to provide necessities, and even the little extras for our loved ones.”
Importantly, since the last election, more than 65 per cent of the state’s jobs have been full-time positions, compared to 45 per cent for the rest of Australia, and 62 per cent of all the state’s new jobs have been taken up by women, ABS data showed.
In addition to the lowest unemployment rate, NSW has the lowest female unemployment rate and the lowest youth unemployment rate of any state.
“We are clearly creating the right conditions in our great state to deliver jobs to anyone who wants one – men, women and young people,” Mr Perrottet said.
“We will continue to work hard to improve on these results even further for the people of New South Wales.”
Since April 2015, NSW employment has increased by 309,000 jobs and since April 2011, by 506,000.