Published on Mar 21, 2017
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By the Numbers: March 2017
The Australian economy has improved in recent months, with record spending in September 2016 after a decline in the previous quarter.
We’ve summarised some of the key economic indicators that may be relevant to your business.
Take a moment to check out the latest figures released by the Department of Planning and Environment and the Australian Bureau of Statistics.
- Since September 2013 employment has had strong growth, and unemployment has fallen, making the likelihood of gaining employment greater.
- Building completions in NSW have grown over 12 per cent per year over the last three years. An increase in construction leads to greater employment if labour and materials are sourced locally.
Australian Bureau of Statistics: Labour Force January 2017
Seasonally adjusted figures:
- Employment increased 13,500 to 11,998,200.
- Full-time employment decreased 44,800 to 8,125,700 and part-time employment increased 58,300 to 3,872,500.
- Unemployment decreased 19,300 to 720,200.
- Unemployment rate remained steady at 5.7%.
Australian Bureau of Statistics: Retail Trade January 2017
- Nationally, the ‘Clothing, footwear and personal accessory’ retail sector experienced growth at 0.6% outpacing other retail sectors.
- Food retailing fell in second at 0.3% rise in trend terms.
Australian Bureau of Statistics: Overseas Arrivals and Departures December 2016
- Australia welcomed 706,900 (seasonally adjusted) short-term visitors to our shores in December 2016, a year-on-year increase of 8.7 per cent.
- Chinese residents made a record number of visits to Australia in the 2016 calendar year, according to figures released on 13th of February 2017 by the Australian Bureau of Statistics (ABS).
- Short-term trips from China have grown from 500 in 1976 to 1.2 million in 2016,(trend series) making it the country with the highest growth rate in that period.
Reserve Bank of Australia: Monetary Policy Decision 7 February 2017
The cash rate remains at 1.5 per cent, unchanged from the previous decision. While conditions have improved in the global economy, the Australian economy is continuing its transition after fall in mining activity.
The Reserve bank expects inflation to remain low at around 1.5 per cent, and is expected to remain low for some time to come due to subdued growth in labour costs.
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