RBS report shows economic growth spread across Australian regions
The Royal Bank of Scotland (RBS) has released a report which found during the first stages of the resources boom, unemployment was actually very low across the entire country.
The author of the RBS report, chief economist Kieran Davies, used labour market data from the Australian Bureau of Statistics to gauge the unemployment rate in 69 regions nationwide.
The Minister for Regional Australia, Simon Crean, welcomed the report on low unemployment saying it was further proof that economic growth had spread across the country.
"This is a good news story for regional Australia - it demonstrates a strong and diverse economy and shows employment opportunities are spread across the regions regardless of their proximity to mines," Mr Crean said.
More than 90 per cent of the regions examined had unemployment of 6 per cent or less, with the lowest unemployment rates mostly in regions outside the resource-rich states.
The report found South East NSW, including the towns of Goulburn, Queanbeyan and Cooma had the lowest unemployment level at 1.7 per cent. The strength of the labour market was at its lowest in the Gold Coast and in Western NSW.
Unemployment was at just 2.2 per cent in the Hunter Valley in NSW and employment remained strong in Ipswich and in the regions to the south of Melbourne and to the north of Sydney.
"The Federal Government laid the foundations for regional prosperity in our last term by identifying opportunities to further Australias economic, social and environmental sustainability,’ Mr Crean said.
"The Gillard Government is committed to investing $10 billion in regional Australia to develop the regions, help them diversify and unleash their economic potential.
"Labor's regional package includes a $1.4 billion commitment to regional development underpinned by the Regional Development Australia Fund that I announced last week, plus the $1.8 billion Health and Hospitals priority regional round.
"It also includes regional priority funding of up to $500 million from the Education Investment Fund as well as $6 billion from the Regional Infrastructure Fund," Mr Crean said.
The Evocities and the East Kimberley Development Package are just two examples of innovative, place-based programs introduced by this Government since the establishment of the Regional Australia portfolio, Mr Crean said.
"Evocities encourages Sydney residents to live, work and invest in seven inland regional centres in NSW. Last month I announced the Federal Government would invest a further $500 000 in the Evocities program.
"The $195.2 million East Kimberley Development Package for social and common-use infrastructure will reduce a critical shortfall in infrastructure, create jobs and help build resilient communities.
"Both programs are a great example of how economic development initiatives can also leverage the achievement of social outcomes," Mr Crean said.