The labour market recovered more quickly than expected from the weakest point in 2020 with only the ACT seeing higher underutilisation in the second quarter when compared with pre-pandemic.
In locked down NSW, Victoria and the ACT, the momentum should underpin a speedy recovery in the labour market once restrictions ease. And the strength in other states should offset some of the employment losses expected in locked down areas.
Among other regions, economic momentum was strong in Queensland’s economy while in South Australia all segments of the index saw sequential improvement.
The Western Australia economy sustained its strong momentum, growth in Tasmania accelerated and remained above trend, and the Northern Territory’s economic performance improved, albeit less quickly than its peers.