The Australian jobs market is on the up, with August labour force figures showing that 410,000 jobs were created in the past year. Of those 65,000 were created in the past month. Australian Bureau of Statistics figures show the jobless rate is 3.7%. At the same time that jobs are growing, Australia’s population continues to grow. In the 12 months ending in March of this year, Australia recorded a net population growth of 563,200, bringing the total population to 26.5 million people.
The surge increased the annual growth rate to 2.2%. Increasing migration leads to increasing demand for labor but will also put further pressure on the housing market, which is already at crisis level. The ABS attributes the growth to net overseas migration, which accounted for 81% of total population growth. The population growth is expected to drive further economic growth. Victoria, Western Australia, and Queensland experienced substantial population increases in the 12 months to March.