Sydney’s northern beaches, known as “god’s country” by its residents due to its natural beauty and relaxed lifestyle, should perhaps be known as “jobs country” given the regions unbelievably low unemployment rate.
According to the detailed labour force report released by the ABS earlier today, “gods country” recorded the lowest unemployment rate across the country in October at just 2.5%. Warrnambool and south west, along with Darwin and Sydney’s eastern suburbs, came in second second and third respectively as 2.9% and 3.2% respectively.
The table below, courtesy of Commsec, shows the 15 regions that recorded the lowest average unemployment rates in the year to October. The figures are in original terms, without seasonal adjustments.
While Sydney’s northern beaches took out top spot when it came to the lowest unemployment rate in the country, another seaside locale took out the unenviable title of having the highest unemployment rate in the country – Wide Bay in Queensland.
Over the past 12 months the region recorded an average unemployment rate of 10.5%, marginally shading the Hunter region in New South Wales excluding Newcastle at 10.2%. The Richmond-Tweed region in far north New South Wales, at 9.8%, recorded the third highest rate of any region in the country.
Here’s the 15 locations with the highest unemployment rates acrtoss the country, again coursey of Commsec.
In October Australia’s labour market stunned financial markets, creating 58,600 jobs, the most for any single month since March 2012. The unemployment fell to just 5.9%, the lowest level seen since April 2014.
From a year earlier employment jumped by 315,000, or 2.73% – the fastest annual percentage increase since November 2010.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.