This in another potential adverse shock to to the Townsville region, which has already been struggling for 4 years, has declining employment and a high rate of unemployment.
And the mining downturn with its associated job losses have been nothing short of a catastrophe for some resources regions, as well as for property investors who were ill-advisedly counselled to buy in such extreme high-risk locations.
The manufacturing sector in Australia remains in a long and punishing structural decline, with total employment shrinking from around 1.1 million to 848,000 over the past three decades.
This is another structural shift which will continue for the foreseeable future, which has a few interesting implications for future trends in wages, inflation, and monetary policy, to be discussed in more detail in another blog post.
But there has been hugely strong growth in employment in sectors such as health care & social assistance (+151,300), professional & scientific services (+69,800), retail trade (+45,100), finance & insurance (+41,000), education & training (+34,900), accommodation & food (+10,000), and certain others.