Bloomberg details what happens when a workforce of around 11 million (~1/13th that of the United States) that focuses on commodities is located near a BOOMING China that happens to be in need of those commodities:
Australian employers unexpectedly added workers in October, pushing the nation’s currency to its highest level this year on speculation the central bank will raise interest rates for a record third straight month.
The number of people employed rose 24,500 from September, the statistics bureau said in Sydney today. The median estimate of 20 economists surveyed by Bloomberg was for a decline of 10,000. The jobless rose to 5.8 percent from 5.7 percent.
Australia’s economy is expanding with “less spare capacity than earlier thought likely,” according to the central bank, as Chinese-led demand for resources spurs companies such as Chevron Corp. to hire workers.
Total employed persons flat year over year during one of the worst global economic downturns in modern times... pretty, pretty, pretty good.