Business NSW Central Coast says the region’s economy is on its way to recovery following the COVID-19 lockdowns, with unemployment levels dropping.
“The Central Coast is definitely experiencing record lows in unemployment rates for both the general working population and youth unemployment rates,” Regional Director, Paula Martin, said.
“Last month our region saw its unemployment rate drop to 2 per cent with our youth unemployment rate dropping to 6.2 per cent.
“While our rates often bounce around month on month, over the last year our region has been consistently performing below the state average, indicating that the region’s economy is on its way to recovery.
“Our JobSeeker rates have also normalised to pre-pandemic levels so it seems that those who can work seem to be working.”
Martin said with only an estimated 3,000 locals seeking work at the moment, it stands to reason that businesses are finding it difficult to find labour with over 2,000 jobs being advertised in the region.
“But there is a hidden labour opportunity for businesses on the Central Coast and that is to improve our participation rate of only 53.8 per cent – the second highest in the state,” she said.
“Finding ways to increase the number of hours for this cohort needs to be a priority, starting with working on practical solutions to increase our female participation rate and getting to the bottom of how many of our youth are not included in all these statistics and living off the bank of mum and dad whilst they decide on their career pathways.”
Martin’s comments come following the announcement that the state unemployment rate has reached a record low for the third time this year, falling 0.7 percentage points to 3.3 per cent in June.
It is the State’s lowest monthly unemployment rate since current records began in 1978.
About 26,000 extra people were employed in jobs in June in NSW and hours worked in NSW also rose by 1 per cent.
Treasurer Matt Kean said the figures are the result of the NSW Government’s strong economic management and show the underlying strength of the State’s economy after more than $53B was committed for COVID-19 support and stimulus since March 2020.
“NSW has done it again; three record low unemployment rates this year despite the challenges of floods and ongoing COVID outbreaks,” Kean said.
“The NSW Government’s tailored support measures throughout bushfires, floods and COVID outbreaks are helping NSW achieve a jobs boom.
“The NSW labour market is in a very strong position and our record low unemployment rate of 3.3 per cent is well below the national rate.”
Kean said the unemployment rate underscores the importance of enabling every person who wants to work to be able to do so.
“That’s why our Budget included $5B over 10 years to fund affordable, accessible childcare to unlock the potential for more women to participate in the workforce,” he said.
The reforms would enable up to 95,000 more women to enter the workforce or take on more hours by 2032-33.
Employment in NSW is now 158,600 above its pre-COVID level and 117,300 above its pre-Delta level.
Terry Collins