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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the subdued April price growth and how prices are predicted to move for the remainder of the year.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the Biden climate summit and impacts on the Australian sharemarket, as well as the possibility of a carbon border tax and what it means.

And lastly, tax and super guru Timothy Munro gives his thoughts on the overhaul of the superannuation performance test and the upcoming budget.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Unemployment spikes to 22-year high

By Cameron Micallef

July 20 2020
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Unemployment spikes to 22-year high

By Cameron Micallef
July 20 2020

Despite adding 210,800 new jobs, Australia’s unemployment rate has jumped to a 22-year high in June, national stats have revealed.

Unemployment spikes to 22-year high

By Cameron Micallef

July 20 2020
Share

Despite adding 210,800 new jobs, Australia’s unemployment rate has jumped to a 22-year high in June, national stats have revealed.

The Australian Bureau of Statistics (ABS) has revealed Australia’s unemployment rate has grown to 7.4 per cent in the month of June, up from 7.1 per cent in May, as COVID-19 restrictions eased prior to Victoria’s second lockdown.

It was the biggest monthly bounce-back since records were kept, but the official unemployment rate is now at its highest since 1998.

Bjorn Jarvis, head of labour statistics at the ABS, said: “The easing of COVID-19 restrictions in June saw an extra 280,000 people in the labour force, with more people in employment and more actively looking and available for work.”

Hours worked rose by 4.0 per cent in June, but remained 6.8 per cent lower than March. Hours worked increased more for females (5.0 per cent) than males (3.3 per cent) over the month. Hours worked for females were still around 7.3 per cent below March, compared to 6.5 per cent for males.

Unemployment increased by 69,300 people to 992,300. Around 70 per cent of newly unemployed people in June were not in the labour force in May.

The underemployment rate decreased by 1.4 percentage points to 11.7 per cent, but remained 2.9 percentage points above March.

The underutilisation rate, which combines the unemployment and underemployment rates, fell by 1.0 percentage point to 19.1 per cent.

The Labour Force release includes additional analysis of hours worked, including for those working zero hours, and for flows out of employment, including those who left the labour force. It also includes comparisons with US and Canadian data for June 2020.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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