As the Australian mining boom has been consigned to the history books, a new state has emerged as the champion when it comes to the creation of new jobs. New South Wales has been responsible, a new report shows, for more than half of the new positions created in the last 12 months.
The report from Morgan Stanley comes as the latest jobs figures are released with Australia performing slightly better than experts had predicted. However, the company said that this is largely being helped by the fact New South Wales has had such an impressive year.
It has created half of the new jobs advertised in the last 12 months in spite of the fact the state only accounts for a third of the population of Australia as a whole, indicating just how strong the employment market therein has been since late 2014.
Morgan Stanley also said that the last time one single state performed so well in terms of employment was in the 1980s, adding that this latest result is one that the country has only ever seen two times in the past.
With summer still to come in the next couple of months, tourism officials will be confident that the sector can also add more jobs before the end of the year as more and more people look to visit Sydney.
In the latest Australian Bureau of Statistics report, it was revealed that the last month has seen some 17,400 more people employed nationwide when compared to one month earlier. This meant that the unemployment rate fell once again.
The proportion of jobless people in Australia dropped to come closer to its target of six per cent. It now sits at just 6.2 per cent, having fallen from the 6.3 per cent recorded in July.
