Jobs boost shows economy still performing well

By Greg Bell

In his 5 May statement discussing the official cash rate reduction, Reserve Bank of Australia governor Glenn Stevens noted several positive factors in the national economy. He highlighted business lending as an economic factor that is undergoing strong growth, which could suggest a strong client base seeking to lease commercial property on the Gold Coast.

Beyond this, another important element in our national economy that seems to be performing better of late is employment. 

"In Australia, the available information suggests improved trends in household demand over the past six months and stronger growth in employment," Mr Stevens said. This is particularly true of Queensland, where a recent release has highlighted a healthy result for the jobs sector. 

Steady as she goes in the Sunshine State

In a 7 May media release responding to the Australian Bureau of Statistics' (ABS) Labour Force data, Queensland minister for employment Curtis Pitt praised the work done to create jobs in the Sunshine State. Across April there were 5,300 jobs created, which has held the unemployment rate steady at 6.6 per cent in trend terms. 

"This is Queensland's sixth consecutive monthly gain in full-time employment and there are now more than 1.6 million Queenslanders in full-time work," he stated. 

"The Queensland economy has strong fundamentals in place, and the latest jobs data is a further sign that confidence is returning."

Overall, Mr Pitt says that 11,800 jobs have been created in Queensland since February this year. And by reinstating programmes like Queenslanders for Work, he anticipates that 32,000 more employment opportunities could be created in the coming four years. 

If this continues, it could mean excellent times ahead for purchasing commercial real estate for sale on the Gold Coast. Not only will more jobs mean more business growth, but it can mean more consumer expenditure – something to keep in mind for retail leasing on the Gold Coast, which is also having a fantastic period of performance.

Growth in retail ahead of the pack

In the same media release, Mr Pitt noted that the retail trade market in Queensland has been growing at a healthy rate. Sales increased by 1.9 per cent across the three months to March 2015, more than any other state or territory. 

"Overseas merchandise exports were up 10.8 per cent to $11.4 billion during the same period, while building approvals rose 3 per cent in March," he added. And with the Reserve Bank's decision to cut the cash rate to the all-time low of 2 per cent, he expects confidence among both businesses and consumers to keep rising. This could create further demand from companies who want to lease commercial property on the Gold Coast.

Bunking the national trend

According to the ABS Labour Force media release from 7 May, national unemployment actually rose in seasonally adjusted terms, moving up to 6.2 per cent. However, the aggregate monthly hours worked rose by 17.8 million. 

So as less of us work but spend more time working, Queensland seems to be experiencing a good patch for jobs creation. This can have great flow-on benefits for economic performance, and should interest anyone intrigued by the prospect of buying commercial real estate on the Gold Coast. 

By engaging the experienced team at Ray White Surfers Paradise, you gain access to a vast range of clients and knowledge that can guide you on the path to making an excellent property purchase. We have a staggering client base that stretches across the planet, ensuring that you will not be bereft of potential tenants.

To find out more about what you can buy in our part of the country, get in touch today. 

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