Released 08/02/2021
A significant improvement in the local jobs market is helping to drive the ACT’s economic recovery from the COVID-19 global health pandemic.
Almost twelve months ago, more than 10,000 jobs were lost in the ACT between April and May 2020. Employment growth was expected to be stagnant throughout the financial year 2020- 21, with the ACT Economic and Fiscal Update delivered in August 2020 predicting a contraction of ¼ of a per cent in the Territory’s total employment for 2020-21. With the successful management of the public health risk from the virus, and a significant effort from Governments at all levels to support job creation in the Territory, the ACT employment growth is now anticipated to be 4 per cent over the year to June.
The ACT’s unemployment rate of 3.7 per cent and underemployment rate of 6.0 per cent in December 2020 remain the lowest of all jurisdictions, and our participation rate of 72.2 per cent is the second highest of all jurisdictions.
The Government has been particularly concerned with the disproportionate impact that the pandemic had on women and young people in the workforce. With the introduction of measures to support employment in the Territory, along with the easing of restrictions, the levels of employment for females and youth aged 15-24 are now above the March 2020 levels.
This is great news for Canberra. It demonstrates that our collective efforts to protect local jobs have been effective. However, with low population growth set to impact on employment forecasts in the medium term, the ACT Government is continuing to invest in job creating infrastructure projects and direct industry assistance to support our local employment market over the coming years.
This includes the expansion of the Canberra Hospital, the new walk-in health centre network, Woden CIT Campus and the construction of new schools. The Future Jobs Fund will support growth in new and emerging industries and our significant climate action agenda will support and create jobs across the renewables sector. The work on stage two of the city-wide light rail network, with Stage 2A from Alinga Street to Commonwealth Park is also expected to support 1,000 new jobs.
The 2020-21 ACT Budget also includes targeted assistance for sectors hit hard by international border closures, including tertiary education and tourism. The More Than campaign will target domestic tourism over 2021 to support our venues, hotels, arts and hospitality businesses and the people who work in them. This direct support will be essential to Canberra’s economic recovery, with both sectors making a significant contribution to the ACT’s labour market.
The ACT Jobs and Economic Recovery Plan set a target to grow the Territory’s employment base to 250,000 by 2025, and the Territory remains well on track to meet that target.
- Statement ends -
Andrew Barr, MLA | Media Releases