Friday, April 19, 2024

Queensland unemployment dips again

Queensland’s unemployment has fallen to the second lowest rate in the country, according to the latest data release by the Australian Bureau of Statistics.

Trend unemployment in October fell 0.1% to 3.4%, while seasonally adjusted unemployment fell 0.1% to 3.3%, equalling the lowest rate ever recorded.

Treasurer and Minister for Trade and Investment, Cameron Dick said the lower unemployment rate was just one of a number of indicators of the continued strength of the Queensland economy.

“Queensland is recording record low unemployment while our budget surplus has grown to a record high,” the Treasurer said.

“Helping Queenslanders find a good or better job is one of the most fundamental things our government can do to help.

“It’s particularly pleasing to see unemployment falling as thousands of people continue to move to Queensland from places like New South Wales, looking for work.

“The decision by the Australian Bureau of Statistics last month to reintroduce its trend data series for Labour Force shows that we are leaving the worst of COVID-19’s volatility in the rear-view mirror.”

He said the State still faced a “very uncertain” environment, with global inflationary pressures and geopolitical instability posing a threat to continued growth.

“That’s why we are reinforcing Queensland’s fiscal buffers to protect us from whatever challenge comes Queensland’s way next,” the Treasurer said.

Seasonally adjusted, Queensland has had the largest increase in employment, both in aggregate and percentage change terms of any jurisdiction since March 2020, up 209,200 or 8.2%.

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