Select Page

Australia’s incredible jobs boom

by | 18 Jan, 2018

Nordstrom Kohl's Target Macys

Malcolm Turnbull delivers an address at the United States Studies Centre in Sydney Australia

Australia’s labour market created jobs at twice the pace of population growth in 2017, with new data out today showing the economy created over 34,000 jobs in December, pushing the Australian Dollar higher against its rival currencies across the world.

The data showed 403,100 jobs were created last year in seasonally adjusted terms, as the economy recorded its 15th consecutive monthly gain in employment, matching the record set in June 1995 when Australia was recovering from a recession.

The Australian Prime Minister Malcom Turnbull (pictured) said: “What a great jobs number today. This is equal to the longest run of consecutive monthly jobs increases since 1978. The participation rate is at the highest level in seven years, and we’ve seen consumer confidence at the highest level since November 2013. So jobs and growth. A slogan in 2016, a big outcome this year.”

A steady pickup in business sentiment has helped an acceleration in job creation over 2017, but despite this, critics were quick to add that unemployment also rose 5.5 per cent in December, with more part-time positions increasing than full-time roles, and wages proving to be a sticking point. Shadow Employment Minister Brendan O’Connor said Australians were struggling on the lowest wage growth “in a generation.” He added: “We need to see a jobs plan, we need to see better support by the government for our regions.”

According to analysis from the Centre for Economics and Business Research in London, Australia’s economy is forecast to become the 11th biggest in the world by 2026, mainly owing to rapid population growth.

Despite an improving economic environment, Australian stocks under-performed against their regional rivals across the Asia/Pacific throughout 2017.

Related: The 2017 market wrap – a retrospective

Want to learn more about the markets and how to become a better investor?

Download the Invstr App now.

All emails ​include an unsubscribe link. You ​can opt-out at any time. ​See our privacy policy.

 

ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

Download on the App Store           Download on Google Play

ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

Share This