Australian Bureau of Statistics (ABS) figures showed that payroll jobs rose 1.3 per cent across the fortnight to 30 January 2021, with almost every industry in the economy benefiting.  

The largest increases were seen in administrative and support services, which were up 2.7 per cent, while accommodation and food services, and education and training both grew by 2.6 per cent over the fortnight. 

“Payroll jobs continued to follow a seasonal pattern, increasing through January, and were around the same level as last year,” Bjorn Jarvis, head of labour statistics at the ABS, said.

However, annual jobs growth varied across the nation, with the strongest rise in payroll positions in the Northern Territory, up 3.5 per cent, but Tasmania and Victoria were both down 1.7 per cent.

The Reserve Bank, in the minutes of its 2 February board meeting also released on Tuesday, said the peak in the unemployment rate had “probably already occurred”.

“In Australia, the economic recovery was well under way and had been stronger than expected previously,” the minutes said.

“Notwithstanding a swift rebound in the participation rate, the firmer outlook for employment had resulted in a lower than expected unemployment rate profile across the forecast period.”

The RBA confirmed that even with the removal of the JobKeeper program, which will create uncertainty in the near term, the unemployment rate is expected to continue to fall over the second half of the year. 

“In the baseline scenario, the unemployment rate was expected to decline to around 6 per cent by the end of 2021, before reaching around 5¼ per cent by mid 2023.”

The minutes again confirmed the cash rate would remain at 0.10 per cent for “as long as necessary” and possibly until 2024.

The Morrison government described it as an “extraordinary achievement in the Australian economy”, in the Parliament on Tuesday.

“I want to thank all of those businesses that kept Australians in work,” he said.

About the author

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 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.

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.

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