Steady jobs growth keeps unemployment stable

Steady jobs growth keeps unemployment stable

The latest job figures from the Australian Bureau of Statistics (ABS) show the nation’s unemployment rate held steady over October 2017.

The 5.5% unemployment figure comes on the back of a 13th straight month of full-time employment growth on a trend basis; this month by 16,000 persons. Part time employment also increased by 4000 persons.

Looking at the figures year on year, trend employment increased by 2.9% over the past 12 months, which is above the average year on year growth over the past 20 years of 1.9%. This comes from a net increase of 347,000 employed persons, 289,000 of which are employed full time.

Australian employment

September 2017 October 2017 Monthly change Annual change
Employed persons 12,281,200 12,301,200 20,000 2.9%
Unemployed persons 712,300 709,400 -3000 -1.6%
Unemployment rate 5.5% 5.5% -0.2 points
Participation rate 65.2% 65.2% 0.7 points

Source: ABS

States and territories

Going state by state,the largest monthly trend increases in employment were recorded in Queensland (7900) and New South Wales (6700). The only areas that recorded decreases were Tasmania (down 300 persons) and the Northern Territory (down 100 persons).

On an annual basis, the regions with the strongest annual employment growth were found to be Queensland with 4.6%, the ACT with 3.1%, Tasmania with 3%, and Victoria with 2.8%.

Unemployment rate by state/territory

September 2017 October 2017
NSW 4.7% 4.7%
VIC 5.9% 5.9%
QLD 5.9% 5.9%
SA 5.8% 5.6%
WA 5.7% 5.8%
TAS 6.0% 6.0%
NT 4.1% 4.2%
ACT 4.1% 3.8%
National 5.5% 5.5%

Source: ABS

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You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

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Yes, Centrelink can access your bank account, but only if you give them a reason to. Centrelink uses data-matching software with other federal government agencies to help it crack down on welfare cheats.

This is why it’s important to give true and matching information to all government agencies.

For example, if you report to Centrelink your annual income is $25,000, but at tax time you report your income as $50,000 with the ATO, it’s likely you’ll be ‘red flagged’.

At this point, Centrelink can legally request that your bank hand over your personal bank account details, to review your finances.

In most cases, Centrelink does not have the authority to take money out of your account. You will usually be given written notice to repay the debt.

However, Centrelink can also reduce your benefits until you’ve paid back what you owe. In extreme cases, Centrelink can garnish your wages and assets (including money in your bank account) until your debt is repaid.

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You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.

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If you’ve just welcome a new baby into the world, congratulations. Opening a bank account for your child can be a wonderful first gift.

Before you can open your child an account, you’ll need to have a birth certificate or passport for your baby.

As the parent or guardian, you’ll also be listed as a joint holder on the account. This means you’ll need to have proof of your identification and address (a driver’s licence, passport, birth certificate or Medicare Card).

Many banks and credit unions offer baby banks accounts. Usually, you can apply online; otherwise you can head into a local branch or office with your documents.

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To find ‘live’ bank accounts in your name, you’ll have to ask individual lenders, which involves contacting them one by one and proving your identity each time. To find ‘unclaimed’ bank accounts (those that have been inactive for at least seven years), you can use this website.

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Changing the name on your NAB bank account is straightforward, as long as you have the right documents.

If you’ve just got married, divorced or legally changed your name, here’s what you need:

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