Employment up as Perth runs out of offices
The tight labour market in Australia has lead to unemployment hitting the lowest rate for 30 years.
Figures from the Australian Bureau of Statistics (ABS) indicate that unemployment fell from 4.6 per cent in December to 4.5 per cent in January.
There has been a slight dip in the numbers of people looking for work, but numbers remain generally high, keeping salaries from escalating and preventing rapid inflation.
At the same time, vacant office space has reached its lowest level since records began, with the Property Council reporting only 0.9 per cent of offices in Perth free.
Property Council CEO, Mr Peter Verwer commented: "While both markets have recorded strong decreases in vacancy, it is clear Australian office tenants continue to favour CBD office markets at the expense of non-CBD areas."
He explained that office space is in short supply, with many Australian office developers holding back property to take advantage of the market demand.
< Back to latest news