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Port Macquarie Unemployment Rate
Port Macquarie is a coastal resort town in northeastern New South Wales, Australia. It is located on the coast of the Pacific Ocean, at the mouth of the Hastings River.
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The location of the port was identified by the explorer John Oxley and named by him after the colonial governor Lachlan Macquarie. A prison colony was established there in 1821, and after it was abandoned in 1830, Port Macquarie welcomed free settlers and developed an export trade in wheat, maize (maize) and cedar wood. The completion of a road from New England County in 1840 helped the town develop as a shipping center, and it was incorporated as a municipality in 1887.
Located on the Pacific Highway, Port Macquarie has air and rail links with Sydney (200 miles [320 km] south-west) and provides fruit and dairy farming and logging areas. His fishing fleet landed in the bay and the oysters were farmed. Among Port Macquarie’s attractions are the remains of the prison town, including an Anglican church built by convict labor and hospital facilities that care for sick and injured wild koalas. Pop. (2006) Downtown, 39, 219; (2011) City Centre, 41, 491. Australia’s unemployment rate has risen amid a worsening global economic outlook due to rising inflationary pressures.
Labor force figures released by the Australian Bureau of Statistics showed unemployment rose to 3.5 per cent in August from 3.4 per cent the previous month.
The participation rate increased by 0.2 percentage points to 66.6 percent, reflecting more people actively looking for work.
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ANZ economists believe the latest jobs and inflation data from the US will justify another 50 basis point hike in October, which will take the cash rate to 2.85 percent.
CommSec chief economist Craig James said the RBA should be careful not to raise rates too aggressively, which could hurt consumer sentiment.
“So it’s important that the Reserve Bank gets it right rather than raising rates.”
Employment Minister Tony Burke has claimed that weaknesses in the pay system have led to stagnant wages, despite a tight labor market.
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“This decision shows once again why we need to reform the workplace system and close the loopholes that affect wage growth.”
The unemployment rate in the ACT fell to 2.7 per cent, but Mr James said there was uncertainty in the state’s data.
Mr James said: “The job market is still tight. But there is uncertainty about some of the state’s decisions in August.”
“The unemployment rate in Queensland has reached a record high of 3.2 per cent. The big question is whether we are close to full employment or at it.”
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Australia’s unemployment rate has fallen due to a tightening labor market coupled with a large number of job vacancies. Labor count data from Wednesday showed more people working more than one job.
The latest data also show that more permanent jobs have been created in the economy, and the number of jobs has decreased.
The slight rise in Australia’s unemployment rate coincided with a downgrading of the global economic outlook by the National Bank of Australia, which blamed rising inflation that prompted the world’s central banks to raise interest rates.
NAB expects global growth to slow to 2.3 percent in 2023, the weakest growth rate since 1993 when excluding the shocks of the global financial crisis and the COVID-19 pandemic.
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Monetary policy, which is tightening especially outside the United States, has led to high volatility in financial markets.
“Changes in monetary policy in advanced economies, particularly the United States, will affect the financial health of emerging markets,” NAB said in its guidance.
“Continued deterioration of the economic situation and the prospect of further tightening of monetary policy to alleviate inflationary pressures has seen a downward trend in global stock markets since mid-August.”
NAB said in its guidance that supply chain disruptions are easing, but the war in Ukraine remains a key risk to global growth. It also suggests that tensions between the US and China are increasing uncertainty.
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ABS chief statistician Lauren Ford said employment numbers had risen following the school holidays and widespread flooding in NSW.
“The increase in employment and hours worked in August follows the winter school holidays and flooding events in New South Wales, where we saw a significant number of people working less in July,” he said.
“The number of people working short hours due to persistent illness increased by about 760,000 in August. That’s about double what we usually see at the end of winter.” Unemployment in Port Macquarie – Hastings fell from 6.2 per cent to 2.7 per cent over 12 months.
For the first time, there are now almost as many vacancies as advertised, and the number of unemployed is falling.
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While finding people to fill jobs is difficult right now, increasing the permanent immigration limit would help 195,000 people.
However, for many parts of regional Australia, the increase in demand for jobs also comes at a time when there is a shortage of housing.
As a result, employers are forced to offer accommodations to attract employees. This week we look at regional areas where we see job growth and potential housing shortages.
To find regional areas where we are most likely to experience housing shortages, we look at two factors.
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The first is an area where the unemployment rate has fallen significantly over the past 12 months and the unemployment rate is 3 percent or less.
The second is that we are seeing areas where rent growth has exceeded 10 percent, suggesting that there is already pressure on housing affordability.
The Whitsundays currently has an unemployment rate of 2.8 per cent and is falling rapidly, having more than halved over the past 12 months.
This increase in employment has led to a significant increase in rental rates, with weekly advertised rents increasing by 12.5% year-on-year.
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The region is under pressure from two sources – the development of tourism and the success of the mining industry.
Bowen, a service center for growing coal exports, has not only seen its unemployment rate fall the most in the region, but has also seen strong rent growth.
Unemployment in the region has dropped from 6.2 percent to just 2.7 percent in 12 months.
In the same period, the announced weekly rental price increased by almost 20%. Unlike the Whitsundays, where the mining industry is a clear factor, Port Macquarie-Hastings’ economic development is more mixed.
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It is likely that population growth and, more specifically, the movement of people out of Sydney has played a role.
More people create demand for homes and hospitals. As a result, construction and health care are the largest employers in the region.
Areas experiencing the strongest rental growth are located on the coast. Katy Lake and North Haven, both tourist destinations, both saw rent increases of more than 20 percent.
The housing shortage is likely to be exacerbated by more people buying vacation homes through the pandemic.
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The Moira local government area is located in north-east Victoria and includes the towns of Yarrawonga, Cobram and Numurkah.
It is a very different area to the Whitsundays and Port Macquarie-Hastings as it is inland rather than a mining area and although there is tourism, particularly in Yarrawonga, it is not a major driver of economic development.
The area is likely to have seen an increase in employment due to strong agricultural conditions as well as the movement of people into the area.
While unemployment has more than halved in the past year, rents have increased by 13 percent. And while Yarrawonga has seen the biggest price increases, the small town of Natalia has seen the biggest jump in rents.
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Although Western Australia’s mining towns are known as areas in need of employer accommodation, Exmouth is not a mining town in Western Australia, but has seen a rapid decline in unemployment and very high rental growth.
It is likely to be similar to the Whitsundays as it is likely to benefit from mining wealth (e.g. buying holiday homes) as well as increased tourism. PORT Macquarie’s unemployment rate fell to 5.1 per cent in the June quarter from 5.5 per cent in the March quarter.
NSW Chamber of Commerce regional manager KellonBeard said there had been a slight decline in the past three quarters, but he encouraged businesses and employers to work to continue the trend.
“By supporting local businesses and encouraging others to do the same, we can help our local businesses to reduce unemployment,” he said.
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