The state’s peak business organisation, the NSW Business Chamber, says new employment figures for July should offer a boost to confidence amid what has become a more uncertain economic environment.
“Consumers and businesses have been bombarded with a spate of negative news stories concerning the economy and it is good to see these figures reaffirming the strength of the labour market in NSW,” said NSW Business Chamber Chief Executive Stephen Cartwright.
“It’s particularly pleasing to see that changes to payroll tax — which make it easier for businesses to take on new staff — appear to be supporting employment growth,” Mr Cartwright said.
“More than 160,000 jobs have been created since payroll tax changes came into effect with NSW having both the lowest unemployment rate among the states and the fastest employment growth in the country.
“The NSW unemployment rate fell to 4.4% while one in two new Australian jobs over the past year were created in NSW.
“The ability to go out and find work is among the most essential things we expect our economy to deliver.
“More people have been encouraged to enter the labour market in NSW with near record-high participation.
“While labour market conditions are strong overall there remain some challenges, particularly at a time of stagnating productivity and drought.
“NSW must accelerate investments in regional infrastructure and skills to ensure our economy can perform at its full potential.
“These investments are critical to lowering youth unemployment and ensuring all of NSW can benefit from the dividends of reforms such as asset recycling,” Mr Cartwright said.