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Unemployment rate down for third consecutive month

The State’s headline unemployment rate has declined for the third consecutive month, with the November figure down to 7.3 per cent from a revised 7.6 per cent, according to Australian Bureau of Statistics Labour Force figures released today.

The national unemployment rate has also declined slightly to 5.8 per cent.

Employment, Higher Education and Skills Minister Gail Gago said while she welcomed the drop, the State Government was acutely aware of the conditions facing South Australians and didn’t underestimate the task ahead as the State transitions from an old to a new economy.

“It’s reassuring that the unemployment rate in South Australia has declined for the third consecutive month and it reinforces that efforts we are making as a Government are increasing people’s chances of finding work,” Ms Gago said.

“Pleasingly, there are now almost 6,000 more people employed in South Australia than at the start of the year and employment has increased for both full-time and part-time jobs over the month.

“The unemployment rate for young people also decreased from 15.7 to 14.7 per cent.

“The 2015-16 Mid-Year Budget Review released by Treasurer Tom Koutsantonis on Monday, contains a number of measures designed to attract investment and support industries in our State.

“A key pillar of the MYBR was the bringing forward of nation-leading tax cuts for business, making South Australia the lowest taxing state in the country for stamp duty on non-residential property.

“It formed part of $518 million in economic initiatives to accelerate South Australia’s Economic Plan, with these measures directly supporting more than 1600 new jobs.”

Other key measures included:

  • $197 million for the joint State-Federal funded Northern Connector Road Project.
  •  $20 million for the PACE Copper initiative to drive mining exploration, investment and jobs as part of a new copper strategy.
  •  $6.4 million of extra funding for the Regional Development Fund.
  •  $1 million for a job creation and support package for the Upper Spencer Gulf and outback regions in response to the closure of Alinta Energy sites.
  • $208 million to build 1000 Housing Trust homes in 1000 days.

“New housing and transport infrastructure investment will stimulate the construction which will create jobs and provide a shot in the arm for our economy,” Ms Gago said.

Ms Gago said South Australia has also had some positive developments on the jobs front over the past month, including:

  • Up to 250 ongoing jobs within five years as part of the State Government’s $9 million contribution to the upgrade of the Kangaroo Island Airport.
  • Beston Global Foods Company celebrating the reopening of its dairy processing plants and promising to double jobs over 12 months to about 60;
  • Foodland releasing its five year plan which includes another 22 stories, creating 2600 jobs.
  • The release of 2600 new training places for private providers, which will lead to 1500 jobs.

Ms Gago said today’s ABS data shows our participation rate has remained steady at 62.2 per cent, but has increased from 61.7 per cent at the beginning of the year.

“The number of unemployed people in South Australia has declined for four consecutive months resulting in 3000 fewer unemployed people.

“We have also marked our highest level of employment in almost two-and-a-half years, and 90.7 per cent of South Australia’s young people are either working or in fulltime study – higher than the national average of 89.9 per cent.”

Ms Gago said the Premier recently revised South Australia’s Economic Priorities in light of the risks and uncertainty confronting our economy.

“It highlights the benefits of diversifying our economy and the pressing need to adapt rapidly to a changing and unpredictable environment.”

Source: News Release, South Australian Government, 10 December, 2015

 http://www.premier.sa.gov.au/images/news_releases/2015/15_12Dec/novemberjobs.pdf