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.
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
One social determinant that impacts Aboriginal and Torres Strait Islander people is unemployment. According to the Australian Census in 2011, 56% of Aboriginal and Torres Strait Islander population in Australia were participating in the labour force, however, 17.2% of this population were unemployed but seeking employment (Australian Bureau of Statistics [ABS], 2013). Comparing these numbers to the non-indigenous population, the percentage of the indigenous population in the labour force is significantly lower than non-indigenous Australians, with a difference of 20.5% (ABS, 2013).
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).
Poverty, deprivation and exclusion (Saunders, 2011) are factors that have been identified as Australian societal consequences that affect the unemployed today. This essay will gain a greater knowledge of complex social disadvantages that must be recognised. In doing so studies, debates and solutions have the opportunity to gain further insight into how citizens value issues of poverty and disadvantage. While at the same time (Blakemore & Warwick-Booth, 2013) understanding how Governments introduce social policies as a means of ‘real world’ problem solving. With the purpose of understanding income management and unemployment. This essay will explain the (Blakemore & Warwick-Booth, 2013) intentions, statements, goals and ideas behind
In the Australian economy, trending unemployment rates are a prevailing socio-economic issue. With the labour market central to unemployment and the distribution of jobs, many factors arise as the key influences on unemployment. With an incredible number of industries facing high demand by consumers, it is speculated that employment would feature an increase to compensate. However, many factors of the labour market contradict this and instead increase unemployment. Factors such as the level of economic growth, technological changes, trends in productivity and the trends in inadequate education have adverse effects on how unemployment increases and decreases.
Every one of the states additionally experienced huge falls in unemployment over the recent decades (Table 3). Actually, the states with the most elevated unemployment rates in 1991 by and large experienced bigger falls. At present, the rate of unemployment is genuinely uniform over the states, with the special cases
The Australian economy has experienced large changes in the structure of what it produces and how. These have been caused by technological change; by fuller integration into world markets, along with the rise of competition from lower wage countries in the production of manufactured goods (and increasingly, services); and by changes in the pattern of consumption as real incomes rise. The sustained loss of jobs in the production of goods has lead to a major decline in job opportunities for men who have only modest levels of formal education. But it is also evident in the withdrawal from the workforce altogether of such men. In contrast, the expanding areas of the economy have been particularly likely to employ women, whose share of paid work has been rising steadily (especially for married women and women with dependent children).
Should UK policy makers be concerned about unemployment persistence and hysteresis given the increase in the unemployment rate since the start of the recession in 2008? Unemployment is measured by the International Labour Organisation (ILO) who conduct a Labour Force Survey (LFS) and through the Claimant Count. The Claimant Count
Australia's Unemployment Improves Further; Falls to More Than 4-year Low The number of unemployed people in Australia dropped to more than four-year low in October, the Australian Bureau of Statistics said on Thursday.
THE HEALTH OF AUSTRALIA’S ECONOMY: A GDP Growth, Inflation and Monetary Policy Perspective Jen Brice s3510413 & Phil Wells s3467298 & Hamish Nicolson s3436189 Course: Accounting for Business Decisions BUSM4126 For: Mr Kevin Adams RMIT University Graduate School of Business and Law Due: 8th September, 2014 Checklist to finish: Take out some more words. We are at about 2300. Check appropriate reference for "The guardian" article reference in health of GDP section Check the referencing, table numbers etc. (first) Finalise the Conclusion. (last) Write the exec summary. (last) Finalise headings and contents page etc. (first) Title page (first) table 13 gdp growth A Healthy Australia: Sustainable growth in demand and Australia 's health and the GFC monetary policy, Inflation, GDP, Unemployment, -How are the sections related (watch for repetition) EXECUTIVE SUMMARY Table of Contents 1.0 INTRODUCTION 4 2.0 GDP GROWTH 5 3.0 UNEMPLOYMENT 6 4.0 INFLATION 8 5.0 MONETARY POLICY 9 6.0 BUSINESS PHASE/CYCLE 12 7.0 THE HEALTH OF AUSTRALIA’S ECONOMY 15 7.1 Health - Monetary Policy 15 7.2 Health - Inflation 15 7.3 Health - GDP Growth 16 7.4 Health - Unemployment 17 8.0 CONCLUSION 18 9.0 REFERENCES 19 UPDATE TABLE 1.0 INTRODUCTION GDP growth, unemployment figures, inflation rates and money aggregate figures are important interrelated indicators that can help to determine the health of the Australian economy. The patterns evident in these indicators represent practical expressions of economic health and can be seen as the result of action taken by the Reserve Bank to achieve the three key objectives:
Main story: The impact of unemployment on income distribution in Australia Unemployment is a major issue in current Australian economy. A study carried out by Saunders (2002) concluded that the higher the unemployment rate may skew the income distribution and result in increasing income inequality and poverty. It is bad for the economy and for society.
The second macroeconomics variables we choose is unemployment rate. Based on the materials shown above, among 2004 to 2008 years, the unemployment rate decrease which means the many people get the job during these years. Unemployment rate can be resulted when the employees leave their job to find a better one. Another reason causes the unemployment is the unemployed persons lack the skills or experience to obtain a job. Moreover, the youth who just graduated need longer time for seeking a suitable job that fits their new skills and qualifications. These show the in short-period of unemployment situation. Among these years, the local economy in good condition which had founded many companies such as utilities companies, financials companies, industrials that create many job opportunities. The foreign direct investment increase also creates the job opportunities in Australia. The high level of Australia exports of goods and services within these years results the good economy condition in Australia, the unemployment rate decline each year.
How is Unemployment Measured? The method used by the Australian Bureau of Statistics (ABS) for determination of unemployment is closely based from the guidelines of the International Labour Organization. Monthly, the ABS conducts the Labour Force Survey from a sample of appropriately 0.33 per cent of the population aged 15 years and over. A person is considered unemployed if he is looking for a job, on a temporary layoff, or is waiting to start a new job. This excludes institutionalised people, overseas residents, members of permanent defence forces and certain diplomatic personnel. (ABS, Labour Statistics: Concepts, Sources and Methods, 2013) Generally, the unemployment rate is a good indicator of labour market conditions. When unemployment is dropping, often this is the result of more spending and faster economic growth. (Morris, 2012)
Literature Review on Unemployment Introduction 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