Retirement
Unemployment, underemployment continue to hurt Aussie households
Despite the Reserve Bank of Australia targeting unemployment as a key metric during the recent rate cuts, the real unemployment rate has risen, new report suggests.
Unemployment, underemployment continue to hurt Aussie households
Despite the Reserve Bank of Australia targeting unemployment as a key metric during the recent rate cuts, the real unemployment rate has risen, new report suggests.
The rise means the total number of unemployed Australians is up to 1,254,000, according to Roy Morgan chief executive Michele Levine.
“Although there have been many jobs created over the last year, this hasn’t reduced unemployment, which has increased by 83,000 to 1,254,000 (9.2 per cent of the workforce) as more people enter the workforce looking for work,” she said.
An additional 8.4 per cent of the workforce is underemployed, comprising 1,275,000 Australians, down 27,000 on a year ago, said Ms Levine. Underemployment is defined as those looking for more work, or working part-time.
What will kickstart the jobs market?
Roy Morgan believes the recent tax cuts that have been passed will help stimulate the economy and create further working opportunities.
Middle-income earners will receive a tax break for the financial year just gone, meaning it’s already up for grabs this tax time. This was a key election promise from Scott Morrison before Australia went to the polls in May.
“There are many commentators expressing concern about the state of the Australian economy. However, with significant income tax cuts being legislated by the new government and back-to-back interest rate cuts by the RBA in June and July, there is an increasing amount of stimulus in the Australian economy to support businesses and therefore increase employment opportunities,” said Ms Levine.
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