Western Australi Unemployment Analysis

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

Carvalho (2015) claimed that every year number of young Australians enter the labour market and they get trouble while searching for the job due to lack of experience, low skill, skill mismatch. Unemployment is not problem of Australia only rather it has become the global issue.

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.

An increase or decrease in the unemployment rate can have a multiple effects on the Australian economy, both beneficial as well detrimental to the economic conditions and the societal outlook.

The present study will aim to address the labour shortage in Australia that ultimately affects the economic growth of the country. From this perspective, Gavin (2010) points out that “The minerals and energy industry continues to make a significant contribution to employment and wider economic activity in the communities of regional Australia, and to governments directly through taxes and royalties. Skilled labour shortages; however, will continue to have an impact on the nation’s future growth and development prospects, especially in the minerals and energy industry” (p. 1).

The skills shortage issue in the Australian labour market is very apparent. In any case, the reasons as to why this is occurring always relates to factors of change. These factors of change include; the general economic conditions, conditions in the firms industry, changes in technology, the ageing population, the demand for labour, and the education, skills and experience of workers. The government investigates ways in which they can protect the Australian economy and the Australian workforce. This is done by the analysis of policies that could be put in place. The Budget Speech announced by Wayne Swan includes government policies that can address the issue of the skills shortage in the Australian labour market. Jobs and Skills Expos are

Australia is a market economy which distributes income to factors of production- land, labour, capital and enterprise. Income as defined by L. Kirkwood et al as the inflow of money to one sector of an economy from another. The distribution of income in the economy is in the form of wages, salaries, rent, interests and profit, all which are distributed by the factors of production (L. Kirkwood et al: 2006). Unlike income, wealth is the stock of goods and assets owned by individuals and the nation as a whole at a given period of time L. Kirkwood et al: 2006). As well as possessions individuals can also obtain wealth through education or obtaining a particular skill. It is with wages and salaries that determine the income and the next most important category government pensions and cash benefits L. Kirkwood et al: 2006).

The decline in the CAD has been affected by what is happening to the nation’s levels of saving and investment. The level of Australia’s national

But even if we understand the changes, how can we compare the before and the after? What are the best parameters in doing so? What phenomenon is followed globally? This just summarizes one aspect of the essay which is followed by policy recommendations by the author in the later half. Though with the limited knowledge of the subject and experience the author has suggested a policy recommendation which aims at resolving existing or possible budding economic issues for Australia.

Unemployment: As can be seen in Fig 3 below, the unemployment rate in Australia has recently dropped below 5.8%, which is the lowest it has been for over 20 months. This is despite the economy struggling over the previous 12 months due to a fall in investment in the mining industry. This has led to the Reserve Bank of Australia (RBA) reducing interest rates on two occasions in the past 12 months to encourage the non-mining sectors of the economy to fill this void and invest in resources, but some businesses are still reluctant to spend money. NAB economist Tapas Strickland said he expected strong jobs growth to continue into 2016, stating “ The forward indicators, such as jobs ads, suggest employment growth of 2% a year, and when you do the calculations, that implies 20,000 (jobs added) per month”. (Guardian, 2015).

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.

Due to the dynamic nature of the Australian labour market, we are able to respond to technological, economic, demographic and social changes that affect demand and supply of labour, at both a macroeconomic and microeconomic level. However the Australian labour market is not perfectly competitive as change in the demand and supply of labour through wage and employment levels in the many industries and occupations are not always responded perfectly. Thus, there are labour market institutions that intervene within the labour market to create changes and the two main institutions addressed in this report are the unions and the government.

My journey to begin life in Australia was one of the best decisions I made. It did not come as a surprise when I got a job offer because of the groundwork I had done. I worked with RPL Australia to help me get the best fit for my Career. The result is outstanding and I owe the thanks to the little research I did. Prior to my encounter with RPL Australia, I knew there must be a framework that allows skills to be upgraded seamlessly. This is what buoys most of the economies of the world that are open to foreign trade. I decided to walk this path with insight, research and wisdom.

The country that I would like to work in is Australia. The language spoken in that country is English I am proficient in speaking in that language. The economy in Australia was relentlessly well heading into the final quarter of 2016 with consumer confidence and business confidence blooming in September and October considerably employment growth is remaining strong overall. Contemporary signs of non-mining investment are notably positive and to a point rebalancing the economy away from the initial sector with almost every industry exposed to foreign competition and an intelligent work force environment available Australia continues to be a continent of investment. The