Queensland Unemployment Rate Jumps to 6.3% as State Lags the Nation
Queensland’s unemployment rate (on a trend basis) rose to 6.3% in June as the national benchmark remained steady at 5.2% according to the latest data released from the Australian Bureau of Statistics (ABS).
The Chamber of Commerce and Industry Queensland (CCIQ) notes that the creation of 3,100 positions on a trend basis consisted of an additional, 2723 full-time positions and 416 part-time roles.
CCIQ notes the State’s unemployment rate at 6.3% is the second worst benchmark nationally behind Tasmania and on a seasonally adjusted measure is at 6.5%.
Private sector investment and hiring intentions in Queensland continue to lag behind New South Wales and Victoria, whose respective economies have accounted for 80% of overall jobs created throughout Australia over the last 12 months.
CCIQ Head of Media, Dan Petrie said the creation of jobs in the state was unacceptable for a region which has so much potential.
“The latest job print has Queensland going backwards and when regions such as South Australia and Canberra are growing jobs at a faster pace then you have problems.
“Tax cuts and record low interest rates need to accompany a fiscal response at a state level that needs to move annouceables.
“This is a terrible read on the state’s job numbers and the government needs to move more quickly to start putting holes in the ground and throwing everything to bolster the private sector or, otherwise, give up.”
“The rest of the country has no problem achieving a jobless rate with a five or four in front of it. Whereas in Queensland we have been at six and above since November, 2017,” Mr Petrie said.
Note: Reported data is sourced from the ABS and is based on trend data.