Employment figures are rising in Australia, a positive indicator for those considering applying for an Australia Visa.
09 July 2010
Australian employment soars, currency up
Australian employment figures exceeded expectations with an increase of 45,900 jobs in June, giving a timely boost to household incomes.
The Australian dollar jumped half a cent after the very strong report which showed unemployment was a 17-month low of 5.1 per cent.
The biggest gains in jobs have been in the health sector, followed by professional, scientific and technical services, hotels and restaurants and the public sector.
Employment in the booming mining industry has been growing strongly, though the sector directly employs only around 1.6 per cent of the workforce and many more obtain jobs building mine and LNG plants.
The figures show strength across the Australian economy, with an August rate increase increasingly likely if inflation increases.
The Reserve Bank of Australia (RBA) left rates unchanged at 4.5 percent this week, saying previous hikes of 150 basis points meant policy was now appropriate.
The RBA does have concerns over the euro zone and US growth, but is resolutely upbeat on Asia and the domestic outlook.
The jobless rate has dropped from a high of 5.8 per cent in October last year to 5.1 per cent, the lowest since January 2009 and almost half that of the US or European zone.