South Australian unemployment the worst in the country - 11 Nov

11 November 2010

South Australian unemployment increased in October according to the State’s leading business membership organisation, Business SA.

The Australian Bureau of Statistics Labour Force figures show the seasonally adjusted unemployment rate for South Australia in October 2010 increased 0.2 percentage points from the previous month’s figure to 5.7 per cent.

Statistics show the national unemployment rate for October also increased to 5.4 per cent.
Nationwide the participation rate increased 0.3 percentage points to 65.9 per cent, while South Australia’s participation rate also increased 0.3 percentage point to 63.9 per cent.

Business SA Acting Chief Executive Officer, Brett Mahoney, said the data confirmed the pressures being felt throughout the local economy.

“ The South Australian unemployment rate of 5.7 per cent remains above the national average of 5.4 per cent and is the highest in the nation.

“This follows September ABS figures for South Australia, with miniscule growth in local retail trade while local exports fell sharply” Mr Mahoney said.

“Business confidence is weak and the costs of doing business are rising on a number of fronts, including labour, electricity, water and finance. In addition, global economic uncertainties remain.

“ All of these factors will further discourage growth in employment.

“These figures again confirm the move to increase interest rates by the RBA was the wrong decision.

“Rising unemployment, coupled with pressure from the high Australian dollar, banks increasing rates in excess of the RBA and the threat of more interest rate rises to come could prove a disaster to the local economy”

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