WA bucks the trend in job growth for July
- Business News
As Australia continues to reveal the signs of a Covid-19 impacted economy, WA small business bucked the trend, showing an overall percentage increase of jobs within the state.
Statistics from the Xero Small Business Index indicated a 6.7% rise in job growth within the small business sector of WA compared to July of the previous year.
In stark contrast, NSW and Victoria under strict stay-at-home restrictions recorded the weakest jobs growth of all the states, with NSW only revealing a 0.4% increase from their July 2020 small business employment figure.
The Xero Small Business Index revealed the hardest hit sectors in July were “arts and recreation, and hospitality” with jobs numbers falling by up to 3.5% in some states as businesses were forced to close once again due to the lockdown restrictions.
According to the WA State Government, WA’s strong economy and job security has been largely due to the strict and swift handling of the virus and the continued operation of the state’s mining sector (which supports both state and national economies).
“West Australia’s domestic economy has grown by 5.7% since the start of the pandemic and was the only state to record growth in it’s domestic economy in 2019-20 and 2020-21.“WA Government, State Budget 2021-22
The growth in jobs within the small business sector of WA has mirrored employment statistics, with the McGowan Government revealing the lowest unemployment figures in almost eight years.
While every state revealed a slower overall sales growth in July, NSW was the only state to see a decline in sales with a decrease of 0.3% on last year’s figures, with WA still showing a strong hold as one of the country’s strongest household spenders throughout the pandemic.
Across the board, small business wages also showed a steady growth with a rise of 2.6% compared to the 2020 data however is “still down on the pre-pandemic pace of growth around 3%.” (Xero Small Business Index)
As many states have remained under tight lock-down restrictions, it will be an interesting wait to see how the small business sector of WA progresses in the washout of the next quarter.
With the “Way Away” state seeing no lockdowns since early July and pandemic conditions continuing to relax, figures could reveal to be the healthiest yet as the festive season fast approaches.