Australian Employment Rate

As the Australian job market continues to outperform by adding 24,500 new jobs in October, instead of the expected 10,000 jobs, Prime Minister Rudd, and the Labor Government have something to celebrate about on their 2-year anniversary.

We expect job growth to continue in the long-term. Project such as Gorgon in Western Australia will continue to increase the number of jobs. According to the ACIL Tasman report, an additional 10,000 direct and indirect jobs are on the horizon, although it is believed that not all these jobs will go to Australians.

Other indicators paint a rosy picture for the Australian labor markets. We expect that unemployment, which was at 5.8% in October, may rise, but will curb at 6.4% in 2010, which is far lower than what the market expected peak of 9.1% earlier. Read more…