NSW unemployment rate lowest on record
New South Wales has smashed the jobs record with the lowest unemployment rate on record cementing its position as Australia’s job creation capital, according to the latest jobs data from the ABS.
The State’s unemployment rate fell a further 0.4 per cent to 3.9 per cent for January 2019, the lowest since monthly records began in February 1978, with a whopping 47,200 jobs added proving once again NSW is the Premier State.
NSW remains well below the national unemployment rate of 5 per cent and well ahead of Victoria at 4.5 per cent, Queensland 6 per cent and South Australia on 6.3 per cent.
Premier Gladys Berejiklian and Treasurer Dominic Perrottet today announced the record low unemployment figures, which means that since 2011 the NSW Liberals & Nationals have overseen the creation of 611,300 jobs.
“Today NSW entered the record books, which is proof our vision for NSW is making our State the best place to live and get a job,” Ms Berejiklian said.
“An unemployment rate of 3.9 per cent is a stunning result and this means more families and individuals are getting ahead.”
“Abundant jobs are bringing women into the workforce like never before – female participation surged to an all-time high of 60.6 per cent with women’s unemployment rate a record low of 3.7 per cent.”
“Today’s result isn’t by accident but the result of hard work to get our finances in order and deliver a strong budget and strong economy.”
Treasurer Dominic Perrottet said NSW also recorded a record participation rate of 65.2 per cent meaning we have the highest percentage of people active in the labour market and the lowest percentage of people currently unemployed.
“We are the jobs capital of the nation, the engine room of the economy - once again the Premier state,” Mr Perrottet said.
“Since the last election 420,500 jobs have been created smashing our target of 150,000 jobs.”
“It is a vindication of the economic and financial approach taken by this Liberals & Nationals Government and highlights the importance of infrastructure projects to our economy.”
The Government’s record infrastructure investment has generated more than half-a-million jobs and helped boost the State’s economic growth by half a percentage point in 2017- 18.
“We want to continue to provide the right conditions for jobs growth across the State,” Mr Perrottet said.
“We have put the State’s books in order through our financial discipline with surpluses forecast over the next four years.”
“This has allowed us to lower taxes, make record investments such as $89.7 billion on infrastructure without plunging the State into debt.”
The State’s youth unemployment rate is the lowest of any state and more than 2 percentage points below the rest of Australia.
Female workers drove the strong labour force result for the State, with 42,700 jobs added for the month and the female unemployment rate dropping to a record low of 3.7 per cent.