A tale of two...
The annual average unemployment rate in Sydney continues to fall to fresh cycle lows.
Greater Sydney has added about 85,000 to net employment over the past year, which is still very strong jobs growth.
And Greater Melbourne has added more than 100,000 which is massive.
But the rate of hiring does look set to slow in the big cities, and it's already slow elsewhere.
Melbourne's record building boom, meanwhile, also keeps its very promising unemployment rate trend intact.
Elsewhere there is a lot of slack persisting in the labour force, with most capital cities tracking at around 6 per cent or higher.
It seems fair to say that the NAIRU in Australia is presently closer to 4½ per cent (or at least lower than was previously thought).
