In December last year, The City’s unemployment rate stood at 8.1 per cent and a further 2.3 per cent were out of work, with the vast majority being underemployed.
This is the latest news story in the national story about outsourcing, with unemployment in the capital at its lowest rate since the start of the crisis.
As a result of the outsourcing boom, some of the City’s biggest employers have been moving their headquarters overseas.
This has led to job losses at the likes of Apple, Facebook and Google, as well as other businesses.
However, many of those companies have now announced plans to relocate overseas.
The number of jobs lost by these companies has also fallen.
In November, the Government announced that the number of people in work across the country had fallen by 1.3 million.
This figure was revised down to just over 1.1 million in January.
In response to the Government’s announcement, the Council of Australian Governments (Coag) issued its latest report, with its findings in the wake of the announcement of the unemployment rate.
It says that the loss of about 6,400 jobs in the month of December is due to the government’s new “net migration” policy, which is designed to reduce the flow of migrants from overseas.
This policy allows foreign workers to work in the City if they can prove that they have already lived in Australia for two years.
The Government’s new policy is set to apply to about two million people over the next four years, with more than 1.8 million of those workers likely to be affected.
The Coag report says that this is the second time that the government has used the “net immigration” policy to boost the numbers of workers.
In 2013, it was announced that almost one million of the unemployed could now work in Australia.
It said that the new policy had “reduced the overall level of unemployment”, but that there had been a “declining share of unemployed”.
The number is still higher than the Government has been able to achieve, but this is largely due to workers moving overseas.
Some of those migrants are still in the country.
According to the Coag, this new policy also means that some of those people who are still unemployed may be able to return to the City and work in its hospitality industry.
Meanwhile, the Coan said that there was “substantial evidence” that the net migration policy has reduced the demand for hotel and dining services in the city, and has also resulted in the closure of some hotels and restaurants.
“These new changes in the immigration policy will have an impact on hospitality, with many people in the hospitality industry being forced to either relocate or take jobs elsewhere,” the report says.
Coag says that as a result, the number and quality of accommodation available to those who are unemployed is “alarming”, and it recommends that the Government implement an accommodation rental levy to fund further investment in local and regional infrastructure.
As well as its tourism sector, the City is also suffering from the impact of the economic downturn.
As the number has fallen, so has the demand, with hotels and eateries reporting a reduction in occupancy.
This means that more people are staying at home.
In the City, the increase in the number that are working and those in employment is the result of people being able to afford to pay higher rents, and the impact this has had on property values.
The report says: “A reduction in rents will have significant negative impacts on housing affordability and property values for many people, and it could even lead to a housing bubble.”
Coakland also released its latest regional employment figures, showing that the regional unemployment rate in the CBD has fallen to 1.7 per cent.
This was the lowest in the state since 2011.
However, the city’s unemployment was still higher in other regions, with Victoria reporting the highest rate of unemployment, at 5.2 per cent, followed by the Northern Territory at 5 per cent while Western Australia had a rate of 3.6 per cent as of September.
There is no sign of the Government reducing the current net migration policies.
The Coag says there has been no increase in net migration in the last year.
NOW WATCH: Briefing videos