The Unemployment Rate In Australia

Health risk increased with unemployment. There is evident that the health risk is higher in areas where unemployment is common. Stable and secure work improves to individual’s job satisfaction, well-being and health. Deteriorate illness and premature death caused by higher unemployment (Wilkinson & Marmot 2003). A number of research form many foreign countries shows individuals and their families face comparatively high risk of premature death (Wilkinson & Marmot 2003). Australia indigenous peoples accounted for 2.4% of the Australian population, the impact of factors such as unemployment, imprisonment, low-income, eligible housing, lead them to life expectancy 9-12 years less than other Australian population(Cunningham & Paradies 2013).

Australia’s economy is much better then South Korea’s. This essay will be comparing five different areas of the economy. These include economic growth and the quality of life, employment and unemployment, distribution of income, environmental sustainability and the role the government in health care, education and social welfare. Income is a necessity to achieve higher living standards. Australia’s average household income is 31 197 USD per year, South Korea’s average household income is only 18 035 USD per year.

Through economic growth the government aims to increased Australia’s standard of living and create the opportunity for increased investment in infrastructure and public services such as education and health. Through aiming to achieve external stability Australia aims to meet its long-term financial obligations to foreign countries so that future goals like higher growth and lower inflation are not hindered. Improving external stability is beneficial to the economy as it leads to reduce vulnerability to opposing developments in the global financial markets. The government objective of full employment involves the aim that the economy is at the non-accelerating inflation rate of unemployment. The economy benefits from achieving full employment and reducing unemployment as the economy’s capacity to produce is maximised, thus maximising Australia’s living standards. The government aims to create a fairer distribution of income and wealth. The government does not aim to remove all of the inequalities between individuals, as they recognise that free

Australia’s economic status can be assessed using a range of economic indicators such as unemployment rates, Gross Domestic Product (GDP), inflation rates and interest rates. The economy can affect Australian business’s greatly causing them to flow through the business cycle. The business cycle purpose is to describe the overall trends of the economy and can show growths of high or negative. The four stages in a business cycle are: expansion, this is when the economy has high demands; peak, this is the turning point of the expansions before the economy falls down. A contraction is when the demand for goods and services are low; and trough, is the opposite of a peak. To evaluate Australia’s current economic status factors such as unemployment

This report will show an overview of the current state of the Australian economy and its management by the Federal government through examining economic indicators such as economic growth (GDP), unemployment, inflation and trade.

Analyse the causes of unemployment, its effects on the Australian economy and how they are addressed through use of macroeconomic policies.

Unemployment is a social problem in Australia, which affects a majority of society in many ways. Not only can it cause financial debt to families, but from there it can cause family breakdowns, social isolation, shame and it can even lead to violence. The Conflict theory perspective explains how unemployment can be caused by class and power by focusing on the inequality within society. The inequality sequentially predicts that the poorer members of society struggle to find employment, to be able to get education to find suitable employment and are.

All economies are trying to solve the same problem; how do we satisfy our unlimited wants with our limited resources? Since all economies are working to achieve a solution to the same economic problem, they have resulted in similar economic structures, although this was not always the case. Therefore, economists must compare economies around the world, such as Japan in order to see and understand how Australia’s economy develops, performs and operates. The advanced Japanese economy and the largest mixed market economy; the Australian economy have many similarities and differences in many areas. These include; the distribution of income, environmental sustainability, economic growth and quality of life, employment rates and the role of the government in providing healthcare, education and social welfare.

Wages in Australia are currently determined by the interaction of demand and supply of labour in the labour markets. The wage rate is the equilibrium of demand and supply of labour. At the point, the amount of labour supplied is equal to the amount of labour demanded. If the real wage rate is above this point, then there is excess supply of labour, thus causing unemployment. The unemployed people would then be willing to work at a lower wage, hence put downward pressure on the wage rate which eventually move down to the equilibrium wage rate. If the real wage rate is below the equilibrium wage rate, then there is excess demand then supply. In order to continue production, firms will be willing to offer higher wages to attract labour. This

Employment in Australia is on the rise with most people who are willing and able to work now having the opportunity to do so. Economists consider 5% unemployment which was the value in January recorded by the Australian Bureau of Statistics. Greater number of jobs created because of factors such as the mining boom and the recovery effect in Queensland because of the floods will further lower the unemployment rate. This will have the effect of consumers having more disposable income thus requiring an increase in long term interest rates.

“In early 2016, the ABS Labor force found that 258,000 youth aged 15-24 was unemployed” (ABS, 2016), accounting for over a third of total unemployment (721,400 people)” (ABS, 2016). There are several reasons youth unemployment exists in Australia, with the primary cause being low economic

Australia currently faces a significant number of social issues, many of which pose challenges to the diverse members of contemporary society. Difficulties arise for those who attempt to engage with many government services, for example education and training, immigration services, income support and social justice. Policies regarding support rendered to the unemployed have come under recent scrutiny, with political tensions driving public debate on the equity and effectiveness of these services. These contentious ideas, specifically relating to income support for the unemployed, will be the focus of this essay. Employment plays a significant role in the current social paradigm of Australia and as such, care should be taken to facilitate

The number of unemployed people in Australia dropped to more than four-year low in October, the Australian Bureau of Statistics said on Thursday.

Unemployment is recognised as one of the most challenging social problems currently facing Australia. In the last two decades and more recently with the global recession high levels of unemployment have become an established feature of the South Australian social and economic landscape, with young people aged 15 to 24 years among those hardest hit by unemployment.

Unemployment has always been something that Americans have worried about since the great depression in which one in every four people was unemployed. High unemployment has an impact on every one even those whom are still currently employed. For example if the unemployment rate is particular high then even those with jobs get worried. Unemployment is also separated in to distinct categories base on which group is the focus of the study. The categories can be by race, age or location, for example the unemployment rate of those between the age of sixty and sixty-five could be compared those between the ages of thirty and thirty-five. These categories allow economist to see which groups are the best and which groups are worst off. One group