South Australia has recorded the highest unemployment rate of any state or territory in Australia.
States With the Highest Unemployment Rates
At the state level, Nevada had the highest unemployment rate for April—the latest month with available data—at 5.4%.
The highest unemployment figure in Australia belongs to the indigenous community of Palm Island off the coast of Cairns, with unemployment at 49.8 per cent.
"The fact Western Australia has the lowest unemployment rate of all the States confirms our Jobs Plan is working and is further proof our economy is powering the nation.
Sydney, New South Wales (NSW), is Australia's largest city and economy, generating almost a quarter of Australia's GDP. It is home to the Australian Securities Exchange (ASX), the Reserve Bank of Australia and most of Australia's largest companies.
Looking for the easiest place in Australia to find a job? As of October 2022, the answer is Canberra! That's according to the Australian Bureau of Statistics, which releases its figures for vacancy rates around Australia every quarter.
State and territory
The Australian Capital Territory recorded the highest median total income ($68,325) and Tasmania the lowest ($47,909).
Youth unemployment (15-24 years) in Australia is currently sitting at 12.2 per cent, more than twice the rate for the broader population. compiled using ABS data, outback Queensland has the highest level of youth unemployment in Australia, with 67.1 per cent of 15 to 24-year-olds without work.
Economists were generally expecting the unemployment rate to remain steady at 3.5 per cent, with the creation of 25,000 jobs. However, the number of officially unemployed people rose in April, by 18,000, and the participation rate decreased slightly, by 0.1 percentage points, to 66.7 per cent.
Australia's unemployment rate has risen from 3.5% to 3.7% as higher interest rates trimmed the growth of new jobs more than economists expected.
Australia's unemployment rate fell in October as the labour market added more jobs and workers clocked up more hours, underscoring the resilience of the economy amid a record series of interest rate rises unleashed by the Reserve Bank.
Australia Unemployment Rate is updated monthly, available from Feb 1978 to Apr 2023, with an average rate of 6.18%. The data reached an all-time high of 11.22% in Dec 1992 and a record low of 3.43% in Oct 2022. The data is reported by reported by Australian Bureau of Statistics.
Washington ranks first overall out of all state economies, but it also ranks highly in other categories, WalletHub found. Of the three key dimensions, the Evergreen State ranked second for economic activity and innovation potential but is 14th for economic health. The state also scored well in key metrics.
The bottom five states—California, Alaska, North Carolina, Arizona and Florida—had lower average weekly benefits relative to their cost of living. It's important to note that some states have benefit periods that can fluctuate depending on their unemployment rate.
However, the data shows that listed in the first place as the nation's poorest postcode, with an average taxable income loss of -$23,484 is 2398 (Gurley) in NSW.
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
New research by Compare the Market has named the most cost-effective cities to live in based on factors such as the average income, utility costs, grocery costs and apartment costs. Melbourne was crowned the most cost-effective city in Australia, scoring 3.36 out of 5 stars.
1. West Virginia. West Virginia ranks as having the worst job market and the second-worst economic environment. It also has the lowest median annual income of all states.