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  • 11 Jun 2021 11:53 AM | Dr Marcus Smith

    The release of CPI Inflation for March quarter, 2021 by the Australian Bureau of Statistics show that the costs of living in Brisbane grew by the second-highest in the nation over the year at 1.7% per annum, well ahead of the average rate for all capital cities of 1.1%, but well below the RBA's inflation rate target of core inflation between 2-3% over the medium term. 

    Alcohol and tobacco recorded the highest price hikes, growing by 8.1% over the year, with health (3.9%) as well as furnishings, household equipment and services (3.0%) also showing moderate growth. The only consumer expenditure group to experience a fall in prices was in communication.

    Across food, beverages, alcohol and tobacco groups the largest price increases were in tobacco (16.7%) as well as beef and veal (8.7%), while vegetable prices fell most substantially by -8.5%.

    Annual growth in prices for accessories (4.7%) were greatest for the clothing and footwear category with garments for infants and children falling the most 3.8%.

    Within the housing, furnishings, household equipment and services categories, there was strong growth in prices across many subgroups including small electric appliances (9.6%), major household appliances (7.1%), furniture (6.6%), household services (5.8%) and child care (4.1%), while electricity prices on the other hand fell by -7.1% over the year to March.

    Increases in health costs over the year were greatest in medical and hospital services (5.3%). In education, secondary as well as preschool and primary school education rose by 3.3% and 3.1%, respectively with tertiary education costs falling by -1.6%. Growth in the costs of financial services were modest across subgroups.

    The price of motor vehicles led growth in transport costs (6.0%), while fuel prices recorded a -3.3% decrease over the year to March. Communication costs fell across all subgroups.

    In the recreation and culture category domestic travel and accommodation prices grew substantially by 8.0%, while the costs of sport participation fell by -6.0%.

    On a related matter, it is important to note that while the issue of low wage growth has received much attention recently it is important to acknowledge that wages, both public and private in Queensland, continue to rise at a greater rate than CPI inflation (indicative of the weighted prices of a basket of goods and services supplied by businesses). This is reflected by the ABS quarterly wage price figures for Queensland to December, 2020 compared with Brisbane CPI.

    Nevertheless, as illustrated in the CPI statistics, price inflation across the economy varies considerably between consumer groups.

  • 28 May 2021 9:47 AM | Dr Marcus Smith

    Despite a modest decline in the number of employed persons in Queensland over March to April on a seasonally-adjusted basis, the Australian Bureau of Statistics (ABS) headline Labour Force print for April, 2021 shows that there are around 189,500 more persons employed since this time last year comprising an additional 98,000 full-time positions and 91,500 part-time roles.

    While the number of males employed across the state grew by 92,300 with 52,000 of those jobs full-time and 42,300 part-time, female jobs growth was greater over the year with an additional 97,250 positions, with almost 46,000 additional full-time roles as well as 51,300 more part-time jobs

    The statistics show also that the number of unemployed persons actively looking for work is almost 20,000 lower than in April last year, with 13,000 less males and 7,000 less females actively looking for work.

    With more employed and less unemployed persons in the state, the unemployment rate has fallen by 1.2% since April last year to 6.1% on a seasonally-adjusted basis (6.3% for males and 5.7% for females). Nevertheless, with the state holding the second-highest unemployment rate in Australia, Queensland's unemployment rate remains well above the national rate at 5.5%.

    While each month the ABS provide a detailed breakdown of their original statistics at the Statistical Area 4 level, however, they do not publish series adjusted on a trend or seasonally adjusted basis. The trend series allocates weights over a number of periods to smooth over the variability in the original estimates, while the seasonally adjusted series is smoothed to account for the impacts of seasonal factors that occur at different times of the year.

    While the trend series is the preferred series to report on the labour force print, the ABS trend series currently remains suspended due to the COVID-19 pandemic.

    Accordingly, Pete Faulkner from Conus Consultancy Services continues to provide smoothed Conus/CBC Staff Selection Employment trend and seasonally-adjusted series using the ABS original data published each month at the SA4 level.

    Breaking down this smoothed data on a seasonally-adjusted basis shows that most regions across the state experienced increases in employment on a year-on-year basis to April.

    On the other hand, over the same period the change in the number of unemployed persons actively looking for work within each region was more varied.

    Taking these two measures into account and comparing the headline Queensland unemployment rate of 6.1% for April with the unemployment rates across each region further illustrates how diverse job markets are across the state and how regional unemployment typically differs quite substantially across the state.

  • 20 May 2021 2:34 PM | Dr Marcus Smith

    It was a pleasure to hear from the Chief Executive of the Queensland Resources Council (QRC), Ian Macfarlane in his speech this week to the Israel-Australia and Brisbane West Chambers of Commerce, providing a business briefing on the resilience of the state’s resources industry and how it is navigating the challenges of the COVID-19 pandemic, the China trade embargoes, and the uptake of renewable energy.

    Mr Macfarlane noted that almost a quarter of member company CEOs expect to increase employment across their Queensland operations this year, building on the past 12 months where the industry has added more than one extra job an hour over the twelve months to February this year.

    Indeed, Australian Bureau of Statistics (ABS) detailed, quarterly labour force data shows that the number of employed persons in the mining industry grew by around 10,250 (+15.4%) on a year-on-year basis to  almost 77,000 direct jobs in February 2021, consisting of an increase of almost 12,500 full-time jobs accompanied by a modest decrease in part-time positions.

    Furthermore, this represents a 36% increase in direct jobs over a five-year period to February 2021, again, predominantly made up of full-time roles.

    According to the latest QRC data, female participation in the sector had risen by 25% from 5,500 in 2018-19 to almost 7,000 in 2019-20 while Indigenous employment in the sector had grown from 4% to 5%.

    The latest ABS business counts data estimates that there are around 1,800 businesses operating in the mining industry in Queensland, which grew by 0.4% over the financial year to June 2020.

    Figures compiled by the Department of Foreign Affairs and Trade  illustrate the substantial contribution the resources industry makes to merchandise exports shipped from Queensland as well as how the interruptions from the onset of the pandemic affected international trade to June last year.

    Queensland coal exports fell by $7.522 billion (-19.8%) in 2019-20 despite continuing to be by far the largest merchandise export item by FOB value at $30.385 billion or almost 40% of the state’s $76.631 billion in total goods exports.

    The DFAT breakdowns showed that falls in coal export values in 2019-20 were largest in key Asian markets including India which fell by almost $2.6b (31%) to $5.848b, by $1.572b (26%) in Japan to $4.552b, and by $998m (28%) in South Korea to $2.614b.

    While natural gas is not itemised due to being classified as confidential, LNG exports comprise the majority of the confidential items category, which fell $3.889 billion (14%) to $23.754 billion.

    As a proportion of total merchandise exports, the confidential items category maintained its weight of around 31% of merchandise exports over the year.

    As the largest state export commodity, data from the Department of Natural Resources and Mines (DNRM) recorded total coal production in Queensland to be 239.08m tonnes during 2019-20.

    Metallurgical coal, or coking coal, which comprised almost 64% of the total saleable coal production during the year was down by 2.4% to around 152.479m tonnes, while thermal coal production was down by 8.9% to 86.602m tonnes.

    By volume, the DNRM data showed that 213.051m tonnes (89%) of the state’s total production was exported to markets predominantly in Asia (88%) and Europe (9%), of which coking coal represented almost 72% of total shipments from the state.

    Most of the Queensland’s coking coal (65%) is mined in the Northern Region (boundary defined to just south of Dysart), while half of the state’s thermal coal is mined in the Southern Region (boundary defined south of Calliope).

    As well as opportunities for the sector to build on traditional commodities including coal, gas and minerals such as copper, zinc and bauxite, Mr Macfarlane was bullish about further opportunities in emerging areas such as hydrogen and critical minerals needed for renewable energy infrastructure.

    Confident that coal and gas demand would continue to improve in the future, he said the world also "urgently needs" new discoveries of copper, gold, vanadium, bauxite, silver, lead, zinc, indium and cobalt to support the development of renewable energy technologies, which is illustrative of an example that up to 600 kilograms of rare-earth minerals are required to operate just one windmill.

    Moreover, annual demand for rare-earth metals has doubled in the past 15 years to 125,000 tonnes and is projected to grow to 315,000 tonnes by 2030. 

    Despite a challenging period over the past year for the sector, the industry chief acknowledged this presented an opportunity for the mining sector to demonstrate its resilience and strength under pressure, and that the job creation over this period is a tribute to the companies and their hard-working people as well as supportive suppliers and communities across Queensland.

    The industry head noted that the state’s resources sector supports more than 420,000 jobs both directly and indirectly across the state with about 1,000 resource-related job vacancies at present providing plenty more job opportunities to work within the industry.

  • 13 May 2021 11:19 AM | Dr Marcus Smith

    The Commonwealth Government’s 2021-22 budget presented this week is characterised by a sea of red ink and a curious penchant for controversial Modern Monetary Theory.

    This theory posits that debt does not matter so long as real constraints in the economy are not reached, because governments that hold a monopoly over their currency can spend freely and always create more money to pay off their debts in their own currency.

    Proponents of this theory argue that in a world of record low interest rates with relatively low debt servicing costs, governments at all levels should embark on a borrowing spree from the future to increase the productive capacity of their economies today.

    In this view, a stronger, growing and more productive economy will generate higher revenues to pay down borrowings across future years.

    As a leading Queensland economist and former federal treasury official, Gene Tunney has acknowledged in his interview with former Queensland Government Transport Minister Craig Emerson on the 4BC Drive program, the “Go for Growth” budget strategy is straight out of the classical Keynesian Economic Theory playbook.

    Moreover, Gene points out how unorthodox this Liberal National Party (LNP) budget is compared to others before it, as he laments his time in Commonwealth Treasury where the Turnbull Opposition opposed the Rudd Government’s “proposed increase in the debt limit to $200 billion in February 2009 following the release of the Nation Building and Jobs Plan, the second stimulus package during the GFC”.

    It is certainly a bold and extraordinary LNP budget; but we are living in extraordinary times, with many conventional economic models having indeed lost their currency in recent years with respect to such developments as negative interest rates and counterintuitive international relationships between key economic variables such as employment, output, inflation, currency values and interest rates.

    Nevertheless, the budget has been generally well received publicly and embraced as a reflection of the times as the economy expands out of the COVID-19 pandemic, while at the same time the Commonwealth Government lurches toward an unprecedented $1 trillion of gross debt.

    While Australia’s net debt position (30% in 2020-21) is relatively low compared to other developed countries and is forecast to peak at 40.9% of Gross Domestic Product (GDP) at 30 June 2025 falling to 37% of GDP by the end of the medium term, the Commonwealth Government’s strategy is not without risks.

    It does raise concerns with respect to the potential impact this level of budget spending will have on Australia’s fiscal position if borrowing costs rise due to a downgrade of Australia’s coveted AAA credit rating or there is an unexpected increase in inflation, and what implication this may have on the government’s ability to stimulate the economy in the case of a further economic shock.

    Furthermore, given that Australia is a relatively small, open, export-orientated economy so heavily dependent on foreign investment and trade, is the size of the Australian Reserve Bank’s balance sheet sufficiently large enough to control its own currency with respect to the activities of global financial institutions and other countries? Unlike Japan, for example, the majority of government debt issued in Australia is not held by the national public.

    Looking at the bang for buck of the budget, the budget aims to stimulate employment growth leading to an unemployment rate of 4.75% in 2022-23, which will be supported by a resurrection of private business investment that has been historically low over the past decade since the GFC.

    To support an increase in private business investment, key measures since the 2020-21 MYEFO include:

    • “Extending temporary full expensing for 12 months until 30 June 2023. This will allow eligible businesses with aggregated annual turnover or total income of less than $5 billion to deduct the full cost of eligible depreciable assets of any value, acquired from 7:30pm AEDT on 6 October 2020 and first used or installed ready for use by 30 June 2023. This measure is estimated to decrease receipts by $17.9 billion over the four years to 2024-25
    • Extending temporary loss carry back to allow eligible companies to carry back tax losses from the 2022 23 income year. Companies with aggregated annual turnover of less than $5 billion will be able to carry back tax losses incurred during the 2019-20, 2020-21, 2021-22 and now the 2022 23 income years to offset tax paid in 2018 19 or later years. This measure is estimated to decrease receipts by $2.8 billion over the four years to 2024-25.”

    It is anticipated that taxation policy will further support household spending that is anticipated to increase as a tightening in the labour market and rising housing prices stimulate consumer confidence and in turn household spending.

    Interestingly, real wage growth is expected to remain subdued this year as growth in the consumer price index outpaces growth in nominal wages.

    The impact of the budget spending on the Commonwealth Government’s fiscal position is that the underlying cash balance is expected to be a deficit of $161.0 billion this year (7.8% of GDP), which represents an improvement of $52.7 billion since the 2020‑21 Budget thanks largely to record high iron ore prices, which have been at their highest level on record during recent months.

    Despite a fall in iron ore prices anticipated in coming years, the underlying cash balance is expected to improve to a deficit of $106.6 billion in 2021‑22 (5% of GDP), falling over the estimates to $57.0 billion (2.4% of GDP) in 2024‑25.

    Importantly, the Commonwealth Government’s underlying cash balance is forecast to remain in deficit to the tune of 1.3% of GDP a decade from now in 2031‑32.

    Economists have pointed out that the conservative forecasts for iron ore prices to fall from $230/t to $55/t over the estimates may suggest that, on the upside, Treasury are leaving some room for pleasant surprises or rather, on the downside, they may be anticipating further trade tensions to develop with respect to exports to China over the near term.

  • 6 May 2021 9:20 AM | Dr Marcus Smith

    The Australian Bureau of Statistics International Trade in Goods and Services release for March, 2021 shows some interesting trends within national and Queensland merchandise exports one year on from the onset of the COVID-19 pandemic in Australia.

    The March print showed that national exports of goods for the month of March was the highest on record at $36,246 billion with an increase of almost $4.6 billion on February's exports, which is around $703 million higher than at March last year.

    Due to the global pandemic, however, total annual national goods exports of $371.267 billion over the twelve months from April 2020 to March 2021 was -$19.961 billion down on the previous twelve-month period.

    Annual exports in Agriculture, Forestry and Fisheries over this period are down -$4.209 billion (-8.4%), predominantly as a result of falls in beef and other meat as well as other key exports including wool, edible products and preparations, live animals and fruit and nuts. On the other hand, exports of wheat, barley, vegetables as well as oils seeds and oleaginous fruits were each up on last year.

    Exports within the largest sector of Minerals and Fuels were down -$12.006 billion (-4.7%). While there has been substantial increases in the value of iron ore exports out of Western Australia this year and a rise in copper ore, other key exports including coal, natural gas, aluminium ore and petroleum have all fallen considerably. Exports of non-monetary gold also rose over the year, which has been included here, but its value is captured in the Other Goods category.

    National exports of Manufactures fell substantially over the year by -$8.815 billion (-15.8%) with copper and zinc products the only two key categories showing growth.

    It is interesting to note that across the various export sectors over the past five years, exports of Minerals and Fuels has grown as a proportion of total national exports, while exports within the Agriculture, Forestry and Fisheries and Manufactures sectors have both fallen. 

    At the state level only exports by destination are included in the ABS merchandise monthly trade statistics, with the itemised accounts by state only provided annually by financial year. Accordingly, despite improving over the past few months, annual Queensland goods exports were down -$22.728 billion (-27.9%) from the previous twelve-month period to March.

    Coal and natural gas exports represent by far the greatest value in export items for Queensland and falls in exports markets were consistently large across all key trading partners.

    It has clearly been a difficult year for the state's resource exports given the relative magnitude of the annual decreases. This will undoubtedly mount significant pressure on the Queensland state budget if things don't improve with respect to reductions in royalty payments for coal, LNG and petroleum paid to the Queensland Government.

    Finally, despite a substantial fall in state exports to China over the year where it has fallen from representing over one-third of total exports to now under thirty per cent, China remains Queensland's largest trading partner in goods. 

  • 27 Apr 2021 2:23 PM | Dr Marcus Smith

    I've seen many attempts using economic modelling to project jobs growth and even for the best pundits it often turns out a rubbery exercise in crystal ball gazing, especially at the industry level.

    Nevertheless, the Australian Government Department of Education, Skills and Training provide a Labour Market Information Porthole, which has employment projections out to five years across the national economy down to the 3-digit industry sector level.

    The latest projection for the November 2020 quarter shows that over the five years to November 2025 national employment is projected to grow by 991,600 persons (7.8%) to around 13,730,000.

    Accordingly, Health Care and Social Assistance is projected to continue to make the largest contribution to national employment growth increasing by 249,500 over the period to November 2025.

    Together with Accommodation and Food Services (139,900), Professional, Scientific and Technical Services (131,100), and Education and Training (118,600), these four industries are projected to generate almost two-thirds (around 64.4 per cent) of total employment growth.

    While 17 of the 19 ANZSIC industries are expected to grow over the period, jobs in the Manufacturing as well as Information, Media and Telecommunications industries are anticipated to decline by around -5,900 (-0.7%) and -7,500 (3.9%), respectively.

    Breaking the statistics down to the 2-digit sector level, within the Agriculture, Forestry and Fishing industry jobs in agriculture are expected to increase while falls are anticipated in aquaculture as well as jobs within support services.

    Jobs in mining are expected to continue to power ahead in all sectors including coal, gas, ores, non-metallic minerals and exploration services. 

    While there has been a policy interest in increasing jobs in the national manufacturing industry, employment is expected fall across many sectors particularly transport equipment, textiles, leather, clothing and footwear as well as food product manufacturing.

    Robust jobs growth is anticipated within the Construction industry across all subsectors with moderate growth expected within utilities.

    Jobs in Wholesale Trade are anticipated to remain flat with modest falls in basic materials as well as grocery, liquor and tobacco products wholesaling. While jobs in road transport as well as warehousing and storage services are anticipated to lead the growth within the Transport, Postal and Warehousing industry.

    Employment in Retail Trade is expected to grow moderately driven by growth within food as well as store-based retailing excluding food, fuel and motor vehicle retailing. Strong jobs growth is projected within the Accommodation and Food Service industry, particularly the food and beverage sector.

    Jobs in Information Media and Telecommunication are expected to fall within publishing and telecommunications services, while an increase in roles within the Administrative and Support Services industry is anticipated to be driven by building cleaning as well as pest control services.

    While employment within broadly defined finance is expected to fall modestly over the period, roles within insurance and superannuation as well as auxiliary finance and insurances services are projected to rise.

    Jobs in rental and hiring services are expected to remain relatively flat with moderate growth in property operators and real-estate services. Strong growth is projected across the Professional, Scientific and Technical Services industry.

    Jobs in the Healthcare and Social Services industry will continue to grow strongly along with Education and Training, while roles in administration will lead the growth in the Public Administration and Safety industry.

    Finally, jobs in the Arts and Recreation industry are projected to increase with strong growth anticipated for roles in sports and recreation activities. Within the Other Services industry, jobs in repairs and maintenance are expected to remain relatively flat with increases in the personal and other services sector.

  • 15 Apr 2021 1:42 PM | Dr Marcus Smith

    The March, 2021 Labour Force survey from the Australian Bureau of Statistics shows that the total number of employed persons in Australia is higher than at this time last year on a seasonally adjusted basis.

    Over the month, the national economy put on 70,700 jobs (+0.5%) driven by an increase of 91,500 part-time roles which offset a decrease of 20,800 full-time positions.

    Over the year to March, there were 74,300 additional employed persons (+0.6%) nationally (76,800 more part-time and 2,500 less full-time workers)

    However, while the national unemployment rate fell 0.2% to 5.6% over the month, it remains 0.4% higher than at March last year with an additional 62,100 (+8.7%) more unemployed persons.

    Looking at the breakdowns by state for the month shows that Queensland has performed exceptionally well compared to other states (on a net basis second to Western Australia), with 23,256 jobs created consisting of an addition 39,180 part-time roles offsetting a loss of 15,924 full-time jobs.

    On a year on year basis to March, Queensland's net job creation leads the nation with an additional 62,796 employed persons with 36,261 more full-time positions and 26,535 more part-time roles.

    In March, there were a total of 14,669 more males employed and 8,587 more females than in February.

    Year on year to March, the statistics show the increase in the number of females employed in Queensland was 40,565 (+3.3%), almost double the growth in the number of males employed 22,231 (+0.7%).

    The robust jobs growth in Queensland has also pushed the Queensland unemployment rate down from 6.1% in February to 5.9% in March, improving Queensland's position from holding the second-highest jobless rate in the country.

    However, the male unemployment rate in Queensland for March remains substantially higher at 6.5% compared with 5.2% for females.

  • 5 Apr 2021 11:31 AM | Dr Marcus Smith

    February's Retail Trade data for Queensland compiled by the Australian Bureau of Statistics showed robust growth over the month across most industry subgroups after a pullback in January.

    Notwithstanding substantial falls in states including Victoria and Western Australia over the month, retail turnover in Queensland as well as New South Wales bucked the headline slump in sales, which fell nationally by -$237.9 million.

    Queensland's February retail turnover grew by $67.6 million (+1.1%) on a seasonally adjusted basis to $6.385 billion, with a good month for department stores (+$37.6m) and clothing (+$31.1m), and despite a moderation in turnover for supermarket and grocery stores (-$67.5m) as well as liquor sales (-$13.8m) across the state.

    Sales in February compared with the same month last year were $687.5 million (+12.1%) higher, with substantial increases in turnover recorded in supermarkets and grocery stores, homewares, hardware, building and gardening supplies as well as liquor.

    On an annual, 12-month basis Queensland's total retail turnover to February was $74.655 billion, which is $7.752 billion (11.6%) higher than over the previous 12-month period.

    Sales in supermarkets and grocery stores continued to dominate retail sales activity across the state, constituting around one-third (33.4%) of total annual turnover growth.

  • 30 Mar 2021 9:15 AM | Dr Marcus Smith

    In this article I am going to touch on two threads: the results of the latest Australian Bureau of Statistics (ABS) labour force survey for February, 2021; and, the vexed issue of the role of the public service in Queensland.

    Having worked as an eager worker within the Queensland public service during the brief Newman years of Government, and more recently as the former Chief Economist at the Chamber of Commerce and Industry Queensland (CCIQ), I have always held a critical view toward the role and delivery of public services in Queensland.

    That view is drawn from my own experiences working for the Queensland state government; in seeing firsthand the two impulses of how public managers are forever counting paperclips and staples to preserve their current annual budgets, while at the same time trawling for new sources of public funding that of course must by exhumed from the private sector by means of new taxes and levies on business.

    My key role at CCIQ was to analyse and report on the quarterly findings of the Suncorp/CCIQ Pulse survey of business sentiment in Queensland, which I oversaw from September 2018 to March 2020 and I read every response by business respondents across the state.

    Accordingly, one common thread that emerged as an incendiary topic of frustration for the state’s business community, for each-and-every quarter, was concerns regarding the size of the public service in Queensland, the inefficiencies within service delivery (loosely defined as red and green tape), and the level of state government debt that has been accumulated in providing those services.

    Addressing the former issue of red and green tape, Robert MacDonald produced an article that was recently published in InQueensland. The article highlighted the specter that bureaucracy has effectively gone mad in Queensland, with a simple corner shop requiring over thirty permits to operate, and the Productivity Commission of Queensland estimating it was costing Queensland business around $7 billion per year.

    Regarding the latter issue of the state’s fiscal position, one does not need to go further than the Queensland Auditor’s General annual reporting on the Queensland Government’s public finances, which for at least the past two years (i.e. even prior to the COVID pandemic), has raised concerns about public expenses outpacing revenues in the state and the sustainability of the public debt being accumulated in the meantime.

    Now on to the ABS labour force statistics and what these have tended to indicate was going on in the state’s jobs market up to February, 2021.

    First, quarterly, detailed labour force data compiled by the ABS for the previous November 2020 quarter print indeed showed that year on year the largest increase in employment was in public administration and safety at over 18,500 persons, illuminating that public sector hiring was effectively leading employment growth in the state during 2020.

    And this was further evident in the single touch payroll statistics introduced by the ABS released monthly to provide another useful indicator in which to compare with the labour force survey and to gauge how the jobs market in the state was travelling through the COVID-19 pandemic across the 19 ANZSIC industry sectors.      

    Yet, fast forward to the latest drop, and a comparison to employment at February last year indicates that some green shoots emerged within Queensland’s private sector, particularly in retail trade, financial and insurance services, wholesale trade and manufacturing.

    Comparing employment within both the private and public sectors, as a colleague and top Regional Economist, Pete Faulkner from Conus Consulting has pointed out in a recent blog article, the statistics indicate that the key driver of Queensland’s labour market performance has indeed been within the private sector and not the public sector.

    Or course, economists are eagerly waiting in anticipation for the Queensland Government’s own biannual workforce statistics to be released for March, 2021 to be able to glean just what has been happening within the Queensland Government’s various departments.

  • 25 Mar 2021 5:35 PM | Dr Marcus Smith

    Queensland's February 2021 detailed labour force statistics by SA4 region including unemployment rates and year-on-year changes to the number of employed and unemployed persons. Special thanks to Conus/CBC Staff Selection for compiling the smoothed series.

    Seasonally adjusted series are adjustments made to the original data to smooth out seasonal factors that influence each month over the year, while the trend series is produced from allocating weights to the current month as well as prior months to smooth over volatility in the survey sampling.

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