This is just a quick post to update you on the September labour force estimates released by the ABS today: the Queensland unemployment rate has fallen to below 6% in trend terms and is now at 5.9% (see chart below). This is the lowest rate in almost four years (since November 2013) and hopefully we’ll see further falls and convergence to the national unemployment rate, now at 5.5% (both trend and seasonally adjusted).
Over the last year or so, Queensland has seen a strong recovery in the jobs market, with employment growing at 4.1% through-the-year (see chart below). I should note that this was largely due to an increase in part-time employed persons (+64,700) rather than full-time employed persons (+31,100). And the public service has made a disproportionate contribution to employment growth, as discussed in previous posts.
Despite these qualifications, the jobs data are very positive for the Palaszczuk Government (see chart below), which will soon be fighting for its political life, as the rise of One Nation threatens its chances of forming government after the next election, widely expected to be held by the end of this year.