The Reserve Bank of Australia’s February Statement on Monetary Policy has shown that the NSW labour market has continued to strengthen despite a volatile economy.
The statement, which was released on Friday, noted that employment in NSW was continuing to increase with the jobless rate currently at 4.3 per cent, just above the record low of 4.2 per cent.
NSW treasurer Dominic Perrottet said a strong economy was important because it means jobs and opportunity for people across the state.
“Emerging industries like advanced manufacturing – which had its exports grow by an average of 11.8 per cent over the three years to 2017 – are taking a foothold here in NSW, showing that our state’s future is bright,” he said.
“Earlier this month CommSec rated our economy as number one in the nation, but that’s not the number that matters – it’s the 375,000 jobs that have been created for the people of NSW just in this term of government.”
Reserve Bank Governor Phillip Lowe noted the historical significance of NSW’s low unemployment rate last week when he addressed the National Press Club.
“You have to go back to the early 1970s to see sustained lower rates of unemployment in (Victoria and NSW),” he said.
Mr Perrottet said all these new industries were contributing to the lower rates of unemployment as they create new jobs for Australians.
“Right now NSW needs to stay the course and remain a bastion of strength in an uncertain global economy.”