The latest report from Commonwealth Securities ABN highlights the top states in Australia with the strongest job markets. This assessment reviews unemployment rates across Australian states and territories, comparing them to the decade average. For skilled workers and professionals looking to apply for an Australia PR Visa or Skilled Visa from India, these insights are essential for informed immigration decisions.
Table of Contents
The Top 5 States with the Most Robust Job Markets:
- South Australia
South Australia leads with the most robust job market, featuring an unemployment rate of 3.8% in March 2024, which is 35.8% lower than the decade average. - Western Australia
Following closely, Western Australia has an unemployment rate of 3.6%, representing a 32.2% decrease compared to the decade average. - Tasmania
Tasmania ranks next, with an unemployment rate that is 30.6% lower than the decade average. - Queensland
Queensland follows with an unemployment rate 27.4% below the decade average. - Victoria
Victoria rounds out the list, showing an unemployment rate that is 24.1% lower than the decade average.
According to the report, South Australia boasts the strongest job market, with an unemployment rate of 3.8% in March 2024—35.8% lower than the decade average.
Western Australia follows closely with an unemployment rate of 3.6%, which is 32.2% below the decade average. Tasmania comes next, showing an unemployment rate 30.6% lower than the decade average. Queensland follows with a rate that is 27.4% less than the decade average, while Victoria rounds out the list with an unemployment rate 24.1% lower than the decade average.
According to the report, South Australia boasts the strongest job market, with an unemployment rate of 3.8% in March 2024—35.8% lower than the decade average.
Western Australia follows closely with an unemployment rate of 3.6%, which is 32.2% below the decade average. Tasmania comes next, showing an unemployment rate 30.6% lower than the decade average. Queensland follows with a rate that is 27.4% less than the decade average, while Victoria rounds out the list with an unemployment rate 24.1% lower than the decade average.
South Australia emerges as the top-performing state overall, leading in four out of eight economic indicators. Western Australia secures the second position, while Victoria claims third.
Tasmania, the ACT, Queensland, and New South Wales are tied for fourth place, with Northern Territory coming in at eighth. The report notes that the ranking criteria may disadvantage the Northern Territory due to its smaller, open economy. It also emphasizes yearly growth rankings as a measure of economic momentum.
In terms of yearly growth rates across the eight economic indicators, Western Australia ranks first, followed by Queensland in second and Victoria in third. The ACT holds fourth place, with New South Wales in fifth and South Australia in sixth. Northern Territory ranks seventh, while Tasmania comes in eighth.
National Unemployment Rate Increases
As of April 2024, Australia’s national unemployment rate has risen to 4.1%, reflecting an increase of 0.2 percentage points compared to March. While both unemployment and employment rates have risen, the participation rate has also increased by 0.1 percentage points, reaching a relatively high 66.7%.
Data from the Bureau of Statistics indicates that the employment-to-population ratio has remained steady at 64%. This suggests that the recent growth in employment is closely aligned with the population growth.
It’s important to note that both “employment” and “unemployment” can rise simultaneously. This situation occurs when more individuals enter the labor market in search of jobs but are not immediately employed.
The latest dataset for March reveals that the lowest employment rate is in the Sutherland region of Sydney, with an estimated 2.2%. Following closely is the Northern Beaches region, which has an unemployment rate of approximately 2.4%. This area is known for being home to many prominent corporate executives and economists.
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