Queensland Unemployment Rate Steady at 6.1% with Full-Time Gains: CCIQ

Thursday 21 February, 2019 | By: Dan Petrie

Queensland’s unemployment rate (on a trend basis) in January remained steady at 6.1%  as the national benchmark of 5.1% was unchanged 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 3,500 positions on a trend basis consisted of an additional 5,000 full-time positions and a loss of 1,500 part-time roles.

Queensland still trails New South Wales and Victoria whose respective economies accounted for 85% of overall jobs created throughout Australia over the last 12 months.

The State’s jobless rate at 6.1% has improved marginally as private investment and hiring intentions continue to lag its Southern counterparts.

Business confidence levels across Queensland via the Suncorp-Pulse saw business sentiment deteriorate towards the end of last year whilst the National Australia Bank Business confidence noted sentiment nationally had declined sharply.

CCIQ Chief Economist, Dr Marcus Smith said the creation of 5,000 full-time roles is the most pleasing aspect of the report which otherwise continues a trend of underperformance more broadly.

“Around 27,750 jobs have been created over the past 12 months at an annual rate of growth 1.12%, which is below the 5-year average of around 36,250 with an average annual growth rate of 1.51%, and also less than the 10-year average of 1.20%.

“When one considers the QGSO’s forecasted population growth out to 2066, Queensland needs to be producing substantially more positions a month to reduce the headline unemployment rate.

“Private sector investment is the obvious key to unlocking a lower jobless rate although the subdued investment intention around the state does not support that ambition,” Dr Smith said.

Year on year the state has created about 25,747 full-time positions and 2,009 part-time roles.

Note: Data is sourced from the ABS and is based on trend data.

(PLEASE SEE CHARTS BELOW)

--------------------------------------------------- ENDS -------------------------------------------------------

Dan Petrie
Media and Communications – Economy and Government
Chamber of Commerce and Industry Queensland
Ph No: 07 3192 0120 (Landline)
Media - Direct: 0418 793 967
Dan Petrie -Mobile: 0408 919 767
Email: dpetrie@cciq.com.au

Unemploy1

 

Unemploy2

 

Unemploy3

 

Unemploy5

 

Unemploy6

 

Unemploy7

 

Unemploy8

 

Unemploy9

Post your comment

Comments

No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments