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Top 5 Australian States with the Highest Job Opportunities
Top 5 Australian States with the Highest Job Opportunities
Top 5 Australian States with the Highest Job Opportunities
The latest report from Commonwealth Securities ABN has identified the leading states in Australia boasting the strongest job markets. It evaluates unemployment rates across Australian states and territories relative to the decade average. This information holds significant value for skilled professionals considering an Australia PR Visa from India or an Australia Skilled Visa.
Highlighted as the top performers are:
- 1. South Australia
- 2. Western Australia
- 3. Tasmania
- 4. Queensland
- 5. Victoria
South Australia emerges as the standout with the most resilient job market, reporting an unemployment rate of 3.8% as of March 2024, marking a remarkable 35.8% decrease from the decade average.
Following closely, Western Australia stands out with an unemployment rate of 3.6%, showing a reduction of 32.2% compared to the decade average. Tasmania follows suit with a 30.6% reduction, Queensland with 27.4%, and Victoria with 24.1% less than the decade average level.
These insights are crucial for professionals weighing their options for immigration and career advancement in Australia.
In the latest data, the Northern Territory posted an unemployment rate of 4.3%, marking a decrease of 14.3% from the decade average. New South Wales showed a significant improvement with an unemployment rate 23.5% lower than the decade-average level.
Western Australia stands out with the highest job growth rate
Over the year ending March 2024, all states and territories in Australia, except Tasmania, saw increases in employment. Western Australia led the pack with a 4.1% rise, followed by Queensland at 3.4% and Victoria at 3.9%.
New South Wales experienced a 2.3% increase in employment, while the Northern Territory and Australian Capital Territory (ACT) saw gains of 2.2% and 0.7%, respectively. South Australia recorded a modest 0.3% rise, whereas Tasmania saw a decline of 1.8%.
Overall, Australia’s states and territories are buoyed by strong job markets and population growth despite inflation exceeding target rates. However, economic growth has moderated as consumers navigate higher prices and borrowing costs.
South Australia emerges as the top-performing state overall
South Australia has emerged as the top-performing state overall, leading in four out of eight economic indicators, albeit by a narrow margin. Western Australia secures the second position, while Victoria follows closely in third place.
Tasmania, ACT, Queensland, and NSW share a joint fourth position in the rankings. Northern Territory occupies the eighth position, with the report noting that its ranking criteria may disadvantage its open and small economy.
Therefore, the report emphasizes the importance of yearly growth rankings as a measure of economic momentum.
In terms of yearly growth rates across eight economic indicators, Western Australia takes the lead, followed by Queensland in second place and Victoria in third. ACT secures the fourth rank, NSW follows in fifth place, and South Australia moves to sixth position. Northern Territory ranks seventh, with Tasmania rounding out the rankings in eighth place.
April 2024: National Unemployment Rate Rises
Australia’s national unemployment rate climbed to 4.1% in April 2024, marking a 0.2% increase from March. This uptick coincided with rises in both unemployment and employment rates, pushing the participation rate up by 0.1% to 66.7%, a relatively high figure.
According to the Bureau of Statistics, the employment-to-population ratio held steady at 64%, suggesting that recent employment growth has kept pace with population increases.
The simultaneous increase in both “employment” and “unemployment” reflects more individuals entering the labor market in search of jobs, despite not immediately finding employment opportunities.
Conclusion
In the most recent dataset for March, the Sutherland region in Sydney recorded the lowest employment rate at approximately 2.2%. Following closely, the Northern Beaches region in Sydney reported the second-lowest unemployment rate at around 2.4%. This area is known for housing prominent corporate executives and economists.
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