Unemployment drops below 5 per cent for the first time in eight years
Great news through with:
- Australia’s unemployment rate fell to 4.9% in February, the lowest level in eight years
- It now sits at the lowest level since June 2011!
Australian population powers on with NSW, Victoria taking the lion’s share of immigrants
- Australian population growth accelerated slightly in the 12 months to September, driven by faster immigration and natural increase
- Over the past year, Australia’s population grew by 395,100, the fastest pace in 12 months. 61% came from net overseas migration
NSW maintained the lowest unemployment rate despite a 0.3 percentage point rise to 4.3 per cent. Victoria’s unemployment rate edged up 0.2 percentage points to 4.8 per cent.
Western Australia, Queensland, and South Australia all saw significant declines in the jobless rate, but all remain above the national average.
Tasmania still has the highest unemployment rate at 6.5 per cent, despite a 0.5 percentage point fall in February
Australian population powers on with NSW, Victoria taking the lion’s share of immigrants
Australian population growth accelerated last year, driven by both natural increase and migration.
According to the Australian Bureau of Statistics (ABS), Australia’s population swelled by 395,100 in the 12 months to September, the fastest increase in a year.
Australia’s total population stood at 25.1 million at the end of the quarter, up 1.6% from year earlier, the same pace recorded in the 12 months to June.
Net overseas migration (NOM) once again drove the majority of the increase, lifting by 240,100 from a year earlier. That too was the fastest increase in a year.
NOM simply measures overseas arrivals less departures over a given period.
To be counted in NOM, a person — regardless of where they were born — must have stayed in Australia or lived overseas for at least 12 months over a 16-month period. It does not include short-term visitor arrivals or departures from Australia, defined as trip of 12 months or less.
The vast bulk of NOM comes from temporary visa holders, such as student visas, rather than permanent arrivals and departures.
Natural increase — simply measuring births less deaths — also picked up, lifting by 155,100 from a year earlier, the fastest increase over a comparable period since the December quarter of 2014.
In percentage terms, 61% of the growth in population came from NOM, with the remaining 31% coming from natural increase.
These facts obviously point to increased demand for properties in our fastest growing cities!
Property Club has great property options in these fast growing areas, including House & Land that are primed and best placed for the properties that are required for our growing population!
Make contact with your Property Mentor or hit enquiries@propertyclub.com.au for further information!
Have a great weekend and catch you next week!
Troy Gunasekera
National Manager
Property Club being the leaders in Wealth Creation through property for 20+ years now, with over 20,000+ properties settled by Club members is in the enviable position of being best placed to assist YOU to have a retirement avoiding the pension!
https://www.propertyclub.com.au/contact-us/
Contact your Property Mentor for guidance and assistance on the best deals we have at the moment and let us show you how to avoid the pension!
Have a great weekend and catch you next week!
Warm Regards,
