Australia's jobs growth is good for the economy and good for property

Australia is creating more jobs – that’s good for the economy and is good for property.

Last week the ABS reported strong employment growth for the 11th consecutive month.

We created 54,200 new jobs in August, and more importantly 40,100 of these were full-time jobs.

This suggests that more than quarter a million jobs were created created in the last six months:

But it gets even better:

These figures also show that thus far in the 21st century (between May 2000 and May 2017) the Australian economy added 3.4 million jobs in net terms.

In aggregate terms:

the Australian economy lost 294,000 jobs mainly agriculture (down 128,000 jobs), manufacturing (down 123,000 jobs) and wholesale (down 42,000 jobs.)
But we created 3.6 million jobs with most net growth being in healthcare, up 735,000 jobs, professional services, up 460,000, and construction up 414,000.

This equates to an annual average of 200,000 jobs over 17 years comprised almost equally of full-time and part-time jobs.

Recently demographer Bernard Salt discussed this topic in his usual lighthearted way in the Australian and illustrated his points with the following graphics:

Screenshot 2017 09 17 14.07.52 1160x1068

Source: The Australian

About Michael Yardney

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au