Top 5 States in Australia with Strongest Job Market

Nationwide Visas
[Published 14 Jun, 2024 | 03:25 PM]
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The Commonwealth Securities ABN's latest report has highlighted the top States in Australia with the strongest job markets. The report has assessed rates of unemployment across the Australian States and Territories evaluating them with the decade average. All skilled workers and professionals seeking to apply for Australia PR Visa from India and Australia Skilled Visa must note these pointers that are highly valuable for their immigration decision.

The Top 5 States in terms of robust job market are:

• South Australia
• Western Australia
• Tasmania
• Queensland
• Victoria

Western Australia is the next top State with an unemployment rate of 3.6% which is 32.2% less than the decade average level. The next top state is Tasmania with 30.6% less than the decade average level followed by Queensland with 27.4% less than the decade average level and Victoria with 24.1% less than the decade average level.

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Northern Territory had an unemployment rate of 4.3% which is 14.3% less than the decade average level. NSW’s rate of unemployment was 23.5% less than the decade-average level.

Western Australia has the fastest growth of jobs

For the year ending in March 2024, employment in all states and territories in Australia witnessed yearly gains with the exception of Tasmania. The top performing state on this parameter was Western Australia with an increase of 4.1% followed by Queensland with 3.4% and Victoria with 3.9%.

The rate of employment in New South Wales increased by 2.3% followed by Northern Territories with an increase of 2.2%, ACT witnessed an increase of 0.7%, and South Australia 0.3%. Tasmania recorded a decline of 1.8%.

On the whole, the economic performances of states and territories in Australia are being backed by a robust job market and strong growth of population. This is even while the inflation is higher than the desired rate. The economies of the territories and states have also slowed down even as consumers respond to price pressures and higher borrowing costs.

South Australia is the overall top-performing State

Even though with a narrow margin, South Australia leads the overall performance rankings with the first ranking on 4 out of the 8 economic indicators. The second rank is obtained by Western Australia while Victoria has achieved the third rank.

Tasmania, ACT, Queensland, and NSW are jointly in the fourth position. Northern Territory has obtained the eighth rank. The report acknowledges that the ranking criteria for economic performance are of disadvantage for the open and small economy of the Northern Territory. Consequently, it highlights the yearly growth rankings which are a measure of economic momentum.

Western Australia ranks first in terms of yearly growth rates of 8 economic indicators followed by Queensland and Victoria at the second and third positions respectively. ACT has obtained the fourth rank followed by NSW at fifth and South Australia at the sixth position. Northern Territory is in the seventh position and Tasmania on the eighth position.

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National Unemployment Rate increases

The national rate of unemployment in Australia increased to 4.1% in April 2024 and which is an increase of 0.2% points in comparison with March. With both rates of unemployment and employment increasing, the rate of participation increased by 0.1% points to reach 66.7% which is high relatively.

The data from the Bureau of Statistics reveals that the ratio of employment to population remained steady at 64%. This indicates that the latest growth of employment is largely in pace with the growth of the population.

“Employment” and “Unemployment” can both increase at the same time as an increased number of individuals enter the labour market seeking jobs but do not get employed immediately.

The lowest rate of employment in the latest dataset for March was in the Sutherland region in Sydney with an estimated 2.2%. The second lowest rate of unemployment was in the Northern Beaches region in Sydney with an estimated 2.4%. It is the home to renowned Corporate Executives and Economists.

To check eligibility for Australia PR Visa, Australia Skilled Visa, or Subclass 476 Visa contact Immigration Experts at Nationwide Visas.

Read more:- Requirements to immigrate to Australia as a Software Engineer