Save
1 million Australians are now out of work: ABS
Australian unemployment has cracked the seven figures, but green shoots are starting to emerge, official figures have shown.
1 million Australians are now out of work: ABS
Australian unemployment has cracked the seven figures, but green shoots are starting to emerge, official figures have shown.
Australian Bureau of Statistics (ABS) data released on Thursday, 13 August, showed that 1.01 million people, or 7.5 per cent, are now unemployed, reaching its highest levels since 1998.
However, the results were collated during the first two weeks of July prior to Melbourne entering stage 4 lockdowns, with Melbourne’s unemployment tipped to spike.
“The number of unemployed people rose by nearly 16,000 between June and July. For the first time, there were more than 1 million people out of work, available to work and actively looking for work,” said ABS head of labour statistics Bjorn Jarvis.
The underutilisation rate, which combines the unemployment and underemployment rates, fell 0.4 percentage points to 18.7 per cent but remained 4.7 percentage points higher than March.
The unemployment figures follow the ABS’s release of wage growth, which was the lowest annual increase on record.
Wages crept up by 0.2 per cent in the June quarter, dragging down the yearly rate to 1.8 per cent.
That marks the lowest growth rate in 27 years the ABS has been tracking the figure.
However, green shoots were emerging from the economy with an increased participation rate of 114,700 people between June and July, as well as a 1.3 per cent bump in the hours worked.
Female hours rose more (2.3 per cent) than males (0.6 per cent). Hours worked by females were around 4.9 per cent below in March, compared with 5.9 per cent by males.
The underemployment rate decreased by 0.5 percentage points to 11.2 per cent but remained 2.4 percentage points above March.
About the author
About the author
Save
6 tips to turn your financial resolution into reality
Following a year of record-low interest rates, a volatile stock market and consumers flocking to access their superannuation, a financial expert has prepared six tips for Aussies looking to get on top...Read more
Save
Tidal wave of cuts set to hurt savers
Savers continue to suffer from low interest rates, with two of the big four banks announcing reductions to savings rates. ...Read more
Save
Consumer savings reach historic highs
Australia’s savings rate has surged in 2020, with a collapse in consumer confidence leading households to pocket money at a time when the economy needs them to spend, new research has shown. ...Read more
Save
Younger Australians struggle with financial future
Almost three in four younger Australians have admitted that they struggle to prioritise their financial wellbeing because thinking about money makes them anxious, new research has found. ...Read more
Save
Are we really a nation of savers?
Australians are more likely to have surplus due to COVID-19 restrictions than to be actively saving money, a financial planner has said. ...Read more
Save
5 tips to get financially fit
As the COVID-19 pandemic continues to impact consumers, Australians are being urged to focus on spending less and saving more. ...Read more
Save
Aussies make cuts to spending as money worries increase
While most Australians plan to simply reduce their spending to manage the financial impact of COVID-19, over a quarter plan to access their superannuation in the next year, according to recent researc...Read more
Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now
Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now
Raging floods, the tech stock bubble and the ongoing SG debate
Listen now
Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now
Save
6 tips to turn your financial resolution into reality
Following a year of record-low interest rates, a volatile stock market and consumers flocking to access their superannuation, a financial expert has prepared six tips for Aussies looking to get on top...Read more
Save
Tidal wave of cuts set to hurt savers
Savers continue to suffer from low interest rates, with two of the big four banks announcing reductions to savings rates. ...Read more
Save
Consumer savings reach historic highs
Australia’s savings rate has surged in 2020, with a collapse in consumer confidence leading households to pocket money at a time when the economy needs them to spend, new research has shown. ...Read more
Save
Younger Australians struggle with financial future
Almost three in four younger Australians have admitted that they struggle to prioritise their financial wellbeing because thinking about money makes them anxious, new research has found. ...Read more
Save
Are we really a nation of savers?
Australians are more likely to have surplus due to COVID-19 restrictions than to be actively saving money, a financial planner has said. ...Read more
Save
5 tips to get financially fit
As the COVID-19 pandemic continues to impact consumers, Australians are being urged to focus on spending less and saving more. ...Read more
Save
Aussies make cuts to spending as money worries increase
While most Australians plan to simply reduce their spending to manage the financial impact of COVID-19, over a quarter plan to access their superannuation in the next year, according to recent researc...Read more
There is no articles in this category.
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
