According to Bloomberg sources, the unemployment rate has now fallen to 5.3% in March (in October 2009, it was 5.8%). Craig James of the Commonwealth Bank of Australia indicated that it is expected to tumble to below 5% this year. Several economists agree with this forecast. Joshua Williamson, a Citigroup Inc. economist in Sydney, indicated that not only will the unemployment rate fall, but it is likely that it will fall to 4.8% this year. The same source also states that more jobs are being generated by the Australian economy.
While this may seem like good news for Australia, it has been a different story for NSW, according to The Age newspaper.
Further research indicates that even though the national unemployment rate has tumbled, NSW is now among the most jobless states in the country. Their unemployment figures have risen from 5.4% to 5.5% and now they are comparable with unemployment rates in Queensland and Tasmania.
The Age also states that NSW shadow treasurer Mike Baird blames NSW's high taxes and red tape for discouraging business from taking on more workers. "Today's unemployment figures are a reminder that under this state Labor government NSW is going backwards," Mr Baird said. "Businesses across the state are telling us they are lacking the confidence to invest and employ in NSW due to uncompetitive taxes and high regulation."
Despite these variations, one thing is for sure: the national jobless figures and forecasts should remain steady or keep falling. However, the pressure is now on to bring a solution for the unemployment rates in Australia's most populous state.
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