The National Australia Bank monthly business survey of more than 400 firms, released on Tuesday, found conditions had risen by one point in June to their highest level since early 2008.
The improvements were driven primarily by professional services – Labour costs growth eased in July to 0.6 per cent, while the bank found Australia could expect an extra 240,000 jobs over the next year, or 20,000 a month, which would edge the unemployment rate below the current 5.6 per cent.
Full-time jobs surge keeps unemployment near four-year low
Australia has achieved its ninth straight month of job gains, with 14,000 new jobs added to the economy in June.
Full-time employment grew by 62,000 jobs, while part-time employment decreased by 48,000. Full-time jobs have now increased by 115,400 positions in the past two months – the strongest streak of full-time job gains in 29 years, according to Comm-Sec.
Figures released by the Australian Bureau of Statistics on Thursday show the unemployment rate has held steady at 5.6 per cent, which remains near its lowest level in four years after May’s figures were revised up.
The more reliable figure of trend participation for 15-64 year old’s, which controls for the effects of an ageing population, increased by 0.1 percentage points to 77.3 per cent in June.
These are great conditions to safely invest, knowing that there is solid business investment and jobs growth to keep our property market strong!
Have a great weekend and catch you next week!
Troy Gunasekera | National Manager