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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the subdued April price growth and how prices are predicted to move for the remainder of the year.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the Biden climate summit and impacts on the Australian sharemarket, as well as the possibility of a carbon border tax and what it means.

And lastly, tax and super guru Timothy Munro gives his thoughts on the overhaul of the superannuation performance test and the upcoming budget.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Labour market’s ‘miraculous’ recovery

By Cameron Micallef

April 15 2021
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Labour market’s ‘miraculous’ recovery

By Cameron Micallef
April 15 2021

The economic recovery is continuing, with Australia’s unemployment rate continuing to fall, official figures show.

Labour market’s ‘miraculous’ recovery

By Cameron Micallef

April 15 2021
Share

The economic recovery is continuing, with Australia’s unemployment rate continuing to fall, official figures show.

Stats released by Australian Bureau of Statistics (ABS) showed that Australia’s unemployment rate has now fallen to 5.6 from 5.8 per cent last month.

Seasonally adjusted employment increased by 71,000 people between February and March 2021, according to ABS data.

Bjorn Jarvis, head of labour statistics at the ABS, said this latest data showed continued recovery in the labour market into March 2021, with hours worked higher than March 2020, for the first time during the COVID period.

“Employment and hours worked in March 2021 were both higher than March 2020, up by 0.6 per cent and 1.2 per cent.”

According to the ABS, women’s participation in the workforce has now reached a record high.

“The proportion of women employed was the highest it’s ever been [at] 58.5 per cent, half a percentage point higher than in March 2020, while the proportion of men employed remained slightly lower than before the pandemic,” Mr Jarvis said.

Western Australia recorded strong growth from lockdowns in the first week of February, with a 2.4 per cent (33,000 people) increase in employment, and a 9.2 per cent increase in hours worked – the strongest across all states and territories.

Prior to the release of the official figures, Commonwealth Bank CEO Matt Comyn said CBA’s economics team is expecting a print of 5.6 per cent today.

This is then expected to fall to 5 per cent by the end of this calendar year, and to 4.7 per cent by the end of 2022.

There is significant cause for optimism.

“The recovery in the labour market is, in one word, miraculous,” Mr Comyn said.

However, the data was collected during the first half of March, prior to the end of JobKeeper on 28 March.

“The April Labour Force release, along with weekly payroll jobs data, will show the state of the labour market after the end of JobKeeper,” Mr Jarvis concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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