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
Casual workers could lose $1k under new reforms
The opposition has claimed that the Morrison government’s plan to amend penalty rates could cost casual employees up to $1,100. ...Read more

Salary
Job vacancies surpass pre-COVID levels
The Australian economy is continuing to show signs of improvement, with job vacancies skyrocketing over the last quarter, official figures have revealed. ...Read more

Salary
Unions take Qantas to High Court over JobKeeper ‘misuse’
Aussie unions are taking their fight with Australia’s largest airline to the High Court following claims Qantas misused the JobKeeper payment to subsidise overtime payments, essentially robbing wor...Read more

Salary
JobSeekers urged to ‘turn off Netflix’ and work in regional Australia
The acting Prime Minister has urged unemployed Australians who are currently on JobSeeker benefits to "turn off Netflix" and look for regional work, as farmers struggle to find temporary foreign worke...Read more

Salary
Aussies rely on debt to get through pandemic
Australians are relying on personal credit to get through the COVID-19 pandemic according to survey results released by a financial institution. ...Read more

Salary
Stressed-out Aussies unlikely to receive pay rise
While Aussie workers are spending more time at work, and their stress levels are through the roof, they’re not receiving higher levels of pay, new research has found. ...Read more

Salary
Work in the gig economy could be costing you over $90k
Despite the growing popularity of the gig economy, workers in this space could face long-term financial disadvantages, a new research paper has found. ...Read more

Salary
3 in 4 Aussies back to work
Australia’s recovery from the COVID-19 downturn continues, with the latest job figures showing Aussies are getting back to work. ...Read more

Salary
Casual workers could lose $1k under new reforms
The opposition has claimed that the Morrison government’s plan to amend penalty rates could cost casual employees up to $1,100. ...Read more

Salary
Job vacancies surpass pre-COVID levels
The Australian economy is continuing to show signs of improvement, with job vacancies skyrocketing over the last quarter, official figures have revealed. ...Read more

Salary
Unions take Qantas to High Court over JobKeeper ‘misuse’
Aussie unions are taking their fight with Australia’s largest airline to the High Court following claims Qantas misused the JobKeeper payment to subsidise overtime payments, essentially robbing wor...Read more

Salary
JobSeekers urged to ‘turn off Netflix’ and work in regional Australia
The acting Prime Minister has urged unemployed Australians who are currently on JobSeeker benefits to "turn off Netflix" and look for regional work, as farmers struggle to find temporary foreign worke...Read more

Salary
Aussies rely on debt to get through pandemic
Australians are relying on personal credit to get through the COVID-19 pandemic according to survey results released by a financial institution. ...Read more

Salary
Stressed-out Aussies unlikely to receive pay rise
While Aussie workers are spending more time at work, and their stress levels are through the roof, they’re not receiving higher levels of pay, new research has found. ...Read more

Salary
Work in the gig economy could be costing you over $90k
Despite the growing popularity of the gig economy, workers in this space could face long-term financial disadvantages, a new research paper has found. ...Read more

Salary
3 in 4 Aussies back to work
Australia’s recovery from the COVID-19 downturn continues, with the latest job figures showing Aussies are getting back to work. ...Read more