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Summary
- The payroll jobs increased in all states except Victoria and Western Australia in the fortnight to 13 February 2021 due to the coronavirus-induced restrictions.
- While the payroll jobs fell by 0.4 per cent in both the states, Northern Territory recorded a rise of 1.4 per cent in the period under review, according to the data released by the Australian Bureau of Statistics (ABS).
- Federal Treasurer Josh Frydenberg on Wednesday said that Australia had outperformed all other advanced economies last year.
The payroll jobs increased in all states except Victoria and Western Australia in the fortnight to 13 February 2021 due to the coronavirus-induced restrictions. While the payroll jobs fell by 0.4 per cent in both the states, Northern Territory recorded a rise of 1.4 per cent in the period under review, according to the data released by the Australian Bureau of Statistics (ABS) on Wednesday.
Image Source: © Miluxian | Megapixl.com
The payroll jobs were 0.5 per cent lower in mid-February compared to the corresponding period last year. Commenting on the data, Bjorn Jarvis, head of Labour Statistics, ABS, said that the payroll jobs went from being around their 2020-level to slightly below in the fortnight between the end of January and mid-February.
These jobs remained 1.3 per cent below the beginning level of the pandemic in mid-February. Jarvis also said that nearly 85 per cent of the jobs lost in the first month of the COVID-19 pandemic had been regained.
Image Source: © Alancrosthwaite | Megapixl.com
Payroll jobs surged across the fortnight in Education and training, and Retail businesses, up 2.8 per cent and 0.2 per cent, respectively. However, this rise was counterbalanced by the decline in three other employment industries. The industry of professional, scientific, and technical services was down 2 per cent, while Accommodation and food services, and Health care and social assistance, were down 0.3 per cent and 0.2 per cent, respectively.
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Josh Frydenberg is optimistic on economy
Meanwhile, Federal Treasurer Josh Frydenberg on Wednesday said that Australia had outperformed all other advanced economies last year. He spoke as Australia's economy grew at 3.1 per cent in the December quarter of 2020, according to the data released by the ABS. Frydenberg also said that the domestic economy had recovered 85 per cent of the coronavirus-induced slowdown six months in advance, and twice as fast as expected in the October budget. The other critical factor is that the latest GDP numbers show the emergency support is tapering and the private sector is picking up, which may bode well for the economy going ahead.
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On Tuesday, the Reserve Bank of Australia kept the official interest rates unchanged. The central bank said that the employment had seen robust growth recently and the unemployment rate fell to 6.4 per cent.
