Latest news with #AustralianBureauOfStatistics
News.com.au
3 days ago
- Business
- News.com.au
Aussies exit NSW, WA hits 3 million population milestone
More people are fleeing NSW than any other state in Australia. Population data released by the Australian Bureau of Statistics this week shows 28,118 people left NSW in 2024. Western Australia tipped over three million people for the first time as the resource-rich state recorded the highest nationwide growth rate. At the end of 2024, 27.4 million people called Australia home, an increase of 445,900 on the previous year and representative of a 1.7 per cent increase. Commonwealth Bank economist Lucinda Jerogin said population growth had slowed quicker than anticipated on the back of the post-pandemic peak. 'A slowdown in natural increase continues to place a drag on Australia's population growth,' she said 'Cost-of-living pressures, rising female workforce participation and broader uncertainty are likely driving this downward trend. 'Growth in deaths are outpacing births leading to the decline in natural increase.' The data shows NSW lost more than 28,000 people to net interstate migration, with 112,763 people leaving for elsewhere in the country. Queensland picked up more than 106,000 people from other states for a result of nearly 26,000 fresh faces. Nearly 40,000 Aussies moved to WA for a net increase of about 12,500 people. While Queensland and Victoria's total populations grew by 1.9 per cent, WA's grew 2.4 per cent. The population of every state and territory grew by at least 1.1 per cent, except Tasmania, which recorded a 0.3 per cent increase. 'Within Australia, people are continuing to leave NSW, and to a lesser extent Victoria and the smallest jurisdictions, and head into Queensland and WA,' Housing Industry Association economist Tom Devitt said. 'But even the jurisdictions losing residents interstate are absorbing enough overseas arrivals to see their populations expand.' State governments needed to do more to stimulate housing construction, he said. 'Foreign capital is highly liquid. State governments have forced institutional investors into building apartments in other countries,' Mr Devitt said. 'As a consequence, multi-unit construction volumes in Australia have halved, likely costing state governments tax revenue.'
Yahoo
3 days ago
- Business
- Yahoo
Shock drop in Australia's employment rate
The number of Australians in work has fallen after two strong months of gains, with experts saying it is unlikely to sway the RBA at its next meeting. National unemployment figures released by the Australian Bureau of Statistics shows 2,500 less Australians were in a job in May compared with April, with the unemployment rate remaining at 4.1 per cent. According to the national figures after the May monthly change 14,620,600 Australians are in a job. This follows a surprise uplift in the number of Australians working in April when 89,000 Aussies joined the workforce. Despite the fall in the number of Australians working, the official unemployment rate of 4.1 per cent still beats RBA projections of umemploymnet rising to 4.3 per cent over the year. BDO economics partner Anders Magnusson said todays unemployment rate came in a little lower than the RBA's forecast, but won't sway them on a July rate cut. Ahead of the jobs figures, the bond markets had already added around an 83 per cent chance that the RBA would deliver back-to-back rate cuts at its July meeting. It already lowered the official cash rate twice in 2025 by a quarter percentage point at its May and February meetings. 'While a small amount of employment was lost in May, a decrease in the participation rate kept the unemployment rate stable. This doesn't change the strong case for a 25 basis point cash rate cut in July,' he said. Oxford Economics Australia economist Kar Chong Low said he expects Australia's strong unemployment rate to fade over the next 12-months. 'Global uncertainty is clouding business decisions and prompting many firms to temper hiring plans,' he said. 'To be clear, we don't expect a sharp uptick in lay-offs. 'Instead, slower hiring will see employment growth fall behind the number of people looking for work – pushing the unemployment rate to 4.5% by the end of the year.' ABS head of labour statistics Sean Crick said the number of Australians wanting a job also fell in the month of May. 'Despite the slight fall in the employment-to-population ratio this month, the female employment-to-population ratio rose 0.1 percentage points to a record high of 60.9 per cent,' Mr. Crick said. At the same time the number of hours Australians are working is on the rise and is now up by 0.1 per cent since the start of the year. 'Hours worked increased 1.3 per cent in May, following lower levels in the previous two months coinciding with the Easter holiday period and severe weather disruptions,' Mr Crick said.
News.com.au
4 days ago
- Business
- News.com.au
Surprising fall in the number of Australians working
The number of Australians in work has fallen after two strong months of gains, with experts saying it is unlikely to sway the RBA at its next meeting. National unemployment figures released by the Australian Bureau of Statistics shows 2,500 less Australians were in a job in May compared with April, with the unemployment rate remaining at 4.1 per cent. According to the national figures after the May monthly change 14,620,600 Australians are in a job. This follows a surprise uplift in the number of Australians working in April when 89,000 Aussies joined the workforce. Despite the fall in the number of Australians working, the official unemployment rate of 4.1 per cent still beats RBA projections of umemploymnet rising to 4.3 per cent over the year. BDO economics partner Anders Magnusson said todays unemployment rate came in a little lower than the RBA's forecast, but won't sway them on a July rate cut. Ahead of the jobs figures, the bond markets had already added around an 83 per cent chance that the RBA would deliver back-to-back rate cuts at its July meeting. It already lowered the official cash rate twice in 2025 by a quarter percentage point at its May and February meetings. 'While a small amount of employment was lost in May, a decrease in the participation rate kept the unemployment rate stable. This doesn't change the strong case for a 25 basis point cash rate cut in July,' he said. Oxford Economics Australia economist Kar Chong Low said he expects Australia's strong unemployment rate to fade over the next 12-months. 'Global uncertainty is clouding business decisions and prompting many firms to temper hiring plans,' he said. 'To be clear, we don't expect a sharp uptick in lay-offs. 'Instead, slower hiring will see employment growth fall behind the number of people looking for work – pushing the unemployment rate to 4.5% by the end of the year.' ABS head of labour statistics Sean Crick said the number of Australians wanting a job also fell in the month of May. 'Despite the slight fall in the employment-to-population ratio this month, the female employment-to-population ratio rose 0.1 percentage points to a record high of 60.9 per cent,' Mr. Crick said. At the same time the number of hours Australians are working is on the rise and is now up by 0.1 per cent since the start of the year. 'Hours worked increased 1.3 per cent in May, following lower levels in the previous two months coinciding with the Easter holiday period and severe weather disruptions,' Mr Crick said.
ABC News
4 days ago
- Politics
- ABC News
WA the fastest growing state or territory in Australia, as population tips over three million
The population of Western Australia has officially tipped over three million people, with the state having the fastest growth rate of anywhere in the country last year. The Australian Bureau of Statistics (ABS) has put Australia's population at 27,400,013 as of the end of 2024, with 445,900 people added to the tally in the year. The ABS releases population data about six months behind, with the latest set of numbers showing the annual natural increase — considering births and deaths — was 105,200 and net overseas migration was 340,800. There were a total of 292,400 births in Australia in 2024, an increase of 2.6 per cent on the previous year. That was offset by 187,300 deaths, an increase of 3 per cent on 2023. The ABS said all states and territories had positive population growth over 2024. WA had the fastest rate of growth at 2.4 per cent and recorded a major milestone, with 3,008,697 people now living in the west. Tasmania posted the slowest growth rate, although it still recorded an incremental uptick in population. The island state added just 1,600 people to its population, mainly through net overseas migration, while 2,447 moved away from Tasmania to elsewhere. The ABS noted net overseas migration was the "major contributor" to change in all states and territories, with most people moving to New South Wales (106,730) and Victoria (100,503). There was also a significant amount of internal migration between the states and territories, with Queensland adding another 25,940 people via net interstate movements. More people moved away from New South Wales in 2024 than anywhere else, with the state losing 28,118 people to other places. The data estimates resident population based on all people who usually live in Australia, regardless of nationality, citizenship or visa status.
Reuters
4 days ago
- Business
- Reuters
Australia jobs unexpectedly dip in May but unemployment holds steady
SYDNEY, June 19 (Reuters) - Australian employment dipped in May after solid gains the previous month, data showed on Thursday, though full-time jobs jumped and the jobless rate held steady in a sign of continued resilience in the labour market. Figures from the Australian Bureau of Statistics showed net employment dipped 2,500 in May from April, when they rose a revised 87,600. That was below market forecasts for a 22,500 increase, though the series has been very volatile in recent months. The jobless rate held at 4.1%, where it has been for over a year now. The participation rate dipped slightly to 67.0%. Other details of the report were strong, with full-time jobs rising 38,700 in May and hours worked rebounding by a solid 1.3%, after a flat April. There was little market reaction as the report did not move the dial on policy easing expectations from the Reserve Bank of Australia. Swaps imply a 65% probability for a quarter-point rate cut in July, more or less the same as before. "The drop in jobs does not reflect a sudden reversal of the labour market's fortunes," said Kar Chong Low, an economist at Oxford Economics Australia "Instead, part of the fall reflects normalisation following exceptionally strong growth in April. Similarly, the rebound in hours worked, the tick down in underemployment, and the jump in full-time work show firms are still demanding workers' time." The RBA has already cut interest rates twice since February to 3.85% as inflation slowed to the target band of 2-3%. However, consumers have stayed stubbornly frugal and economic growth has remained subdued, with U.S. tariffs and geopolitical conflicts darkening the economic outlook. All of that argues for more policy easing from the RBA in the months ahead, with investors expecting a total easing of 70 basis points by the end of the year. In the meantime, the labour market has proved to be resilient. The unemployment rate remains low at 4.1% and job advertisements are stabilising above pre-COVID levels. Wages have been well-behaved, with growth in the private sector mostly subdued. The central bank is expecting the unemployment rate to peak just a little higher at 4.3% this cycle.
