South Australia’s labour force has reached a record high for the second consecutive month. Recent Labour Force figures released by the Australian Bureau of Statistics have unveiled a labour market that’s on an upward trajectory, showcasing the state’s resilience and economic vitality.
As of the latest data, South Australia boasts a staggering total of 959,300 employed individuals. This figure represents an increase of 53,000 jobs since the state’s last election, as measured in seasonally adjusted terms.
To put this into perspective, the number of additional people who have found employment is equivalent to the capacity of Adelaide Oval. A substantial 43,000 of these new jobs are full-time positions, underlining the quality and sustainability of these employment opportunities.
One of the most noteworthy aspects of this record-breaking achievement is South Australia’s unemployment rate, which stands at an impressive 3.9 percent. This rate is in line with the national average.
Additionally, the state’s participation rate, reflecting the percentage of the working-age population either employed or actively seeking employment, remains at a near-record high of 64.4 percent. This is indicative of the strong desire of South Australians to engage in the workforce and contribute to the state’s economic prosperity.
Stephen Mullighan, a prominent figure in South Australia’s economic landscape, commented on these remarkable labour force statistics. He emphasised the state’s performance compared to the rest of the nation, with a labour market that continues to break records and exhibit robustness.
However, it’s crucial to acknowledge the broader economic landscape, both locally and nationally. Recent trends have shown a gradual rise in the unemployment rate.
The Commonwealth’s Mid-Year Economic and Fiscal Outlook (MYEFO) highlighted an anticipated slowdown in GST revenue collection, suggesting that economic statistics might face headwinds as 2024 unfolds.
“However, our latest job figures are further confirmation that South Australia approaches this period of economic uncertainty from a position of strength,” Treasurer Stephen Mullighan says.
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