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Unemployment rate continues to fall

The jobless rate inched its way down to 5.1 per cent for both May and June, marking the lowest unemployment level since January 2009.

June saw the creation of 45 900 new jobs – the biggest net gain in job numbers since January, and three times the number predicted by economists. Encouragingly, many of these new jobs were full-time positions (18 400 full-time jobs and 27 500 part-time). Total employment for June was 11.1 million.

Australia’s economy continues to be one of the best performing in the world. With more than 120 000 new jobs created since January and an unemployment rate that is only slightly greater than the full employment rate of 5 per cent, Australia’s proportion of jobless is around half that of many countries in Europe and the US. As the economy improves, so does employer confidence.

The mining states are leading the employment charge. The Northern Territory posted the lowest unemployment rate in the country at 3.4 per cent, down from 3.6 per cent in May. Western Australia is the other big performer in the Australian jobs market with only 4.1 per cent unemployment, down from 4.3 per cent in May. Queensland and Victoria both sit at 5.4 per cent and NSW remains steady at 5.3 per cent. South Australia and Tasmania are worst off, with their jobless rates increasing slightly to 5.5 per cent and 6.3 per cent, respectively. 

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