It is this. The jobs growth is all in NSW and VIC:
With all other states falling away fast:
Bulls will see this as good with jobs preventing an unruly house price crash. But NSW and VIC are the epi-centre of the house price shakeout and it will be in both states that the downdraft in the labour market will hit hardest in the months ahead as consumption and dwelling construction weaken while infrastructure plateaus.
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And there will be no offset elsewhere.