Queensland unemployment back to the worst in Australia, but there’s an upside
Queensland’s unemployment level jumped to 4.3 per cent in October pushing the state back to the worst in the country on a seasonally adjusted basis.
Queensland's unemployment level masks the real picture (Image: Probuild).
But that doesn’t tell the whole story.
The Australian Bureau of Statistics data showed that the workforce in Queensland, which includes those looking for work, jumped by 23,000 in October to a record 2.99 million people.
The number of people employed also increased by 10,000 and full time jobs were up by 4000 and part-time jobs by 11,000, which may have been impacted by Australian Electoral Commission jobs during the Voice referendum.
Underemployment also fell.
The factor that drove up the jobless figure was that the number of people who were actively looking for work. The state’s participation rate increased by 0.3 per cent.
Australia-wide, the unemployment level rose to 3.7 per cent, with a increase in employment of 55,000.
This was back to around where it had been in July and August.
“The large increase in employment in October followed a small increase in September of around 8000 people,” the ABS said.
“Looking over the past two months, these increases equate to average employment growth of around 31,000 people a month, which is slightly lower than the average growth of 35,000 people a month since October 2022.”
ANZ said the big increases nationally were in jobs for younger workers and those over 65 which would indicate the referendum was a key player.
AMP Capital’s Shane Oliver said the possible boost to jobs data from AEC workers suggests the October jobs data needed to be treated with caution.
The rise in unemployment was also consistent with RBA forecasts and along with other signs of slowing jobs suggest the jobs numbers were not enough to tip the RBA into a December hike.
Westpac said the gain in the national labour force (+82.9k) exceeded that of employment, resulting in the unemployment rate rounding up to 3.7 per cent. The underemployment rate – a measure of those who desire to work more hours than they currently do – has been little-changed of late, holding flat at 6.3 per cent.
“Being just one month’s data, it remains to be seen whether this marks an even greater degree of resilience in the labour market,” Westpac said.
“The possibility that temporary influences around the referendum played a role – something which cannot yet be confirmed at this stage – also clouds the signal. If so, there may be a risk that November may see something of an unwind.”
Treasurer Jim Chalmers told Parliament that he welcomed the figures because a secure job and decent pay was central to the Government’s efforts.
