20 November 2009

Australian economy defies expectations as 24,500 new jobs are added in October

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Australian statistics released recently has shown on balance positive news for the Australian economy, with the country performing better than expected and in the top three countries in the world.

Australia was expected to lose 10,000 jobs in October but the Australian economy actually managed to add 24,500, neutralising the impact of the slightly higher unemployment rate across the country.

Australia's current unemployment rate is 5.8 per cent, up from 5.7 per cent, but the Organisation for Economic Co-operation and Development (OECD) reported that Australia's unemployment rate has stabilised and will not reach the peak of 6.75 per cent forecast in this month's mid-year budget review instead touching just 6.3 per cent next year before turning down.

The result show the Australian economy is performing better than any Western country, other than Norway and Switzerland, with unemployment in Britain predicted to peak at 10 per cent.

and detailed employment figures have been release on average wages in states.
Western Australia is the best paid state with an average annual wage of $67,900, followed by New South Wales with an average wage of $63,325, Queensland with $61,500, and Victoria $60,800.

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