Powerhouse mining sector

From

Quarterly Labour force data; RBA Speech; Imports

  • In percentage terms, employment in the mining sector expanded rapidly over the past year. In the year to August, mining sector employment grew by 33,000 workers or 20 per cent, significantly outperforming other sectors.
  • Over the three months to August, employment across Australia grew by 78,500 or 0.7 per cent – well above the 10-year average job growth of 56,000.
  • The biggest industry in terms of employment remains health care and social assistance. And the health care sector led the job gains, with employment lifting by 45,200.
  • Across the states NSW (+28,100) led the job gains in the three months to August, followed by Victoria (+13,800), and Western Australia (+12,600). Virtually all the job losses occurred in Queensland (-22,200).
  • The Reserve Bank Assistant Governor Philip Lowe has highlighted the concerns about the “relatively limited amount of spare capacity in the economy” and the resulting threat of inflation.
  • In seasonally adjusted terms imports fell by 6 per cent in August. The slide in imports suggests that the recent spell of trade surpluses should continue.

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