Earn
Employment records first drop in 3 years
The Australian Bureau of Statistics has revealed the first major fall in employment in three years, which should be of concern considering the RBA’s recent assessments of the national economy.
Employment records first drop in 3 years
The Australian Bureau of Statistics has revealed the first major fall in employment in three years, which should be of concern considering the RBA’s recent assessments of the national economy.
Having previously noted that the Australian economy has reached a gentle turning point, yesterday’s announcement of a decrease in Australia’s workforce by 19,000 might indicate that the economy is still spluttering.
The official unemployment rate is now sitting at 5.3 per cent.
It’s a long way from the 4.5 per cent unemployment rate the central bank has noted as its employment target.
Economist Stephen Koukoulas indicated that previous inaction from the central bank led to today’s announcement.
In a tweet, he said “there is no doubt that the RBA’s failure to cut interest rates in early 2018 and over the following 12 months is costing jobs now in late 2019”.
The monthly trend underemployment rate remained steady at 8.5 per cent in October 2019, an increase of 0.2 percentage points over the past year.
The trend monthly underutilisation rate also remained steady at 13.8 per cent in October 2019, an increase of 0.4 percentage points over the past year.
The seasonally adjusted participation rate decreased by 0.1 percentage points to 66.0 per cent.
ABS chief economist Bruce Hockman said “trend unemployment in October 2019 remained steady at 5.3 per cent, 0.2 percentage points higher than the same time last year”.
“The increase in the unemployment rate over the past year has coincided with a 0.5 percentage point increase in the participation rate, from 65.6 per cent to 66.1 per cent,” he continued.
Also weighing in on the figures was AMP Capital’s head of investment strategy and chief economist, Dr Shane Oliver, who highlighted that the Australian labour market is falling compared with its peers.
“Labour market underutilisation [in Australia] at 13.8 per cent and trending up again, US is at 7 per cent, clearly Australia is a long way from full employment,” Dr Oliver said.
The underwhelming figure led to a reduction in the Australian dollar, which dropped to just US68¢ Thursday afternoon.
About the author
About the author
Salary
Treasurer to reassess COVID payments as 1m Aussies are locked out, but JobKeeper is ruled out
With over 1 million Australians currently in lockdown without additional support, the Treasurer has conceded he will assess the current payment packages, but has blatantly refused to yield to pressur...Read more
Salary
Apply to me directly: ANZ boss
Following a call to get older Aussies back into the workforce, ANZ boss has gone a step further telling potential workers they should apply directly to him. ...Read more
Salary
Qantas workers warned of stand-downs as unions rehash calls for ‘Aviation Keeper'
Workers at the national airline have been warned that the COVID-19 border closures could mean the airline will stand down employees again, as the unions call for government support. ...Read more
Salary
Struggling to find staff? Your inaction on social issues could be to blame
Australian employees are increasingly likely to call it quits with a company that has a poor record on social issues or mental health, new research has shown. ...Read more
Salary
Job losses rise as $155m in disaster payments is deposited into accounts
Australia’s decade-low unemployment rate is set to spike just as the country’s efforts were being celebrated, with key stakeholders questioning whether current government support goes far enough i...Read more
Salary
Time to get older Aussies back in the workforce: ANZ
A big four bank CEO is encouraging older Australians to return to the workforce, as the country continues to battle skill shortages led by the closure of international borders. ...Read more
Salary
Unemployment falls to decade low
Australia’s unemployment rate has fallen below 5 per cent for the first time in over a decade, official figures have revealed. ...Read more
Salary
Debunking the mystery: What counts as essential work or an essential item?
The NSW government has refused to define what essential work is or what it considers an essential good, despite placing Sydneysiders under strict stay-at-home orders which prohibit people leaving home...Read more
The Olympic effect on property and equity investors; COVID-19 Disaster Payments and super
Listen now
Do lockdowns boost property prices? Are short-sellers levelling the playing field? Did you lodge your tax returns early?
Listen now
Will lockdowns halt the housing boom? Is the metaverse taking over? And the cons of lodging your tax returns early
Listen now
Are you being priced out of the market? Have you got the Tuesday blues? And are you ready for the upcoming super changes?
Listen now
Salary
Treasurer to reassess COVID payments as 1m Aussies are locked out, but JobKeeper is ruled out
With over 1 million Australians currently in lockdown without additional support, the Treasurer has conceded he will assess the current payment packages, but has blatantly refused to yield to pressur...Read more
Salary
Apply to me directly: ANZ boss
Following a call to get older Aussies back into the workforce, ANZ boss has gone a step further telling potential workers they should apply directly to him. ...Read more
Salary
Qantas workers warned of stand-downs as unions rehash calls for ‘Aviation Keeper'
Workers at the national airline have been warned that the COVID-19 border closures could mean the airline will stand down employees again, as the unions call for government support. ...Read more
Salary
Struggling to find staff? Your inaction on social issues could be to blame
Australian employees are increasingly likely to call it quits with a company that has a poor record on social issues or mental health, new research has shown. ...Read more
Salary
Job losses rise as $155m in disaster payments is deposited into accounts
Australia’s decade-low unemployment rate is set to spike just as the country’s efforts were being celebrated, with key stakeholders questioning whether current government support goes far enough i...Read more
Salary
Time to get older Aussies back in the workforce: ANZ
A big four bank CEO is encouraging older Australians to return to the workforce, as the country continues to battle skill shortages led by the closure of international borders. ...Read more
Salary
Unemployment falls to decade low
Australia’s unemployment rate has fallen below 5 per cent for the first time in over a decade, official figures have revealed. ...Read more
Salary
Debunking the mystery: What counts as essential work or an essential item?
The NSW government has refused to define what essential work is or what it considers an essential good, despite placing Sydneysiders under strict stay-at-home orders which prohibit people leaving home...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
