Australia’s unemployment rates drop to three-year low
Dubbo & Orana Region remain strong on jobs
AUSTRALIA’S unemployment and under-employment rate dropped to a three-year low of 15.8 per cent in August, according to new data released by Roy Morgan, and local employment statistics are fairing better than the national average.
The research company credited consecutive RBA interest rate cuts in June and July as well as the Government income tax cuts for providing a post-election boost to the economy.
In August, unemployment numbers were down 297,000 year-onyear to 1,179,000, with the unemployment rate dropping to 8.7 per cent.
Under-employment, which refers to those who work part-time or consultants who are seeking more work, fell to 951,000 workers, down 120,000 from last year.
“The Liberal-national Party Government’s income tax cuts delivered in July, as well as the RBA’S consecutive interest rate cuts in June and July to a record low of only 1 per cent, have put a firm footing under the economy and provided support after concerns about ongoing economic weakness,” said Roy Morgan CEO, Michele Levine.
But there are several global happenings which may have an adverse effect on the economy’s growth in the back half 2019.
“The positive result today does reflect well on the re-elected LNP Government however there are several external factors that could negatively influence Australian growth over the next few months including the Us-china trade war, the unresolved saga surrounding the United Kingdom’s exit from the European Union, and even the continuing unrest in Hong Kong, that make it essential the Government doesn’t rest on its laurels and continues to undertake the bold reforms necessary to ensure Australia’s economic growth continues,” Ms Levine added.
Meanwhile, in more local terms, unemployment in NSW currently weighs in at 3.9 per cent – the lowest in Australia.
Dubbo has also experienced positive results with the unemployment rate sitting at just two per cent, and the wider Orana region coming in at 2.4 per cent.
Member for Dubbo Dugald Saunders told Dubbo Photo News last week that government contracts, infrastructure upgrades and regional investment have all contributed to a healthy local economy.