The health of a labour market can be judged by levels of unemployment and changes in wage growth. Both of these issues come into play when The Australian Financial Review reports that the Australian labour market has tightened over the past twelve months and comments on predictions for the coming year.
Changes in unemployment in Australia is a key issue in this news article. In the last twelve months, unemployment in Australia has dropped from 5.6 per cent to 5.1 per cent which is described as ‘a puzzle’ in the news article. Looking closer, there are some possible explanations for this change in statistics. Previously, unemployment in Australia increased in the time of the recent global economic downturn, although didn’t suffer as poorly as other countries according to data from the Organisation for Economic Co-Operation and Development. However, while unemployment rose, so too did the number of people in other forms of underemployment such as part-time and casual work (OECD, 2010). According to Sappey et. al., the status of employment requires workers to only work one hour per week and so therefore many underemployed workers receive the same employed status in this data as full-time workers (Sappey et. al., 2010, p. 111). According to the OECD, under-employment increased significantly during the downturn, rather than unemployment. Unemployment has dropped in the last twelve months but that does not mean that those who have obtained work have gained full-time employment. In fact, according to the Australia labour market trends of the last twelve months, it is more than likely that those who have become an ‘employed’ statistic rather than ‘unemployed’ have not gained full-time work. This news article quotes figures fro...
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Dwyer, M. (2010, August 18). Job market firms but wage pressure restrained. The Australian Financial Review, p. 6.
Organisation for Economic Co-operation and Development. (2010) Employment outlook 2010 – How does Australia compare? Retrieved August 19, 2010, from http://www.oecd.org/dataoecd/14/38/45603025.pdf.
Reserve Bank of Australia (2010). Minutes of the monetary policy meeting of the board – 3 August 2010. Retrieved August 20, 2010, from http://www.rba.gov.au/monetary-policy/rba-board-minutes/2010/03082010.html.
Reserve Bank of Australia (2010). Measures of consumer price inflation. Retrieved August 19, 2010, from http://www.rba.gov.au/inflation/measures-cpi.html.
Sappey, R., Burgess, J., Lyons, M., & Buultjens, J. (2009) Industrial relations in Australia: work and workplace. Frenchs Forest: Pearson Australia.
First, class has determined inequality in labor market, because labor market is directly linked with the main source of income for most people, which provides everyday purchase on food, clothing, transport and housing. In Australian labor market, a large number people are employed in middle working class, for example sales, clerical or service job. However, there are a few people working in the top occupations, such...
Wayne Swan 2009, ‘Budget Speech 2009-10’, Australian Government. Retrieved May 20th, 2010, from - http://www.ato.gov.au/budget/2009-10/content/speech/html/speech.htm
This article stated that, according to a study conducted by the United Way and Organization for Economic Cooperation and Development (OECD), approximately 40% of young workers in Ontario are in jobs classified as part-time, temporary or self-employed. The same study also found that less than half of part-time/temporary workers were able to transition into full-time higher-wage work and, perhaps most importantly, the percentage of those able to transition will likely decline over the next decade. Clearly, the growth of part-time and temporary jobs has been growing on an upward trend over the past decade and appears to have become part of business as usual. A study conducted in 2015 by the United Way and the Law Commission of Ontario (LCO) states that approximately 22% of part-time/temporary work in the past year can be characterized as precarious work, i.e. work with poor or no benefits and job security. The growth in precarious employment is due to many factors including Globalization, improved technology, changes to business models, and the economic shift from manufacturing to the service sector. These shifts have essentially formed a new economy that has a high demand for fluidity and flexibility in the common workplace, and has low a demand for the old fashioned “Standard” model of the workplace (largely full-time employees with a full suite of
Dabscheck, B. , Griffen, G. and Teicher, J. (1992), Contemporary Australian Industrial Relations, Longman Chesire, Melbourne.
Unemployment is a social problem in Australia, which affects a majority of society in many ways. Not only can it cause financial debt to families, but from there it can cause family breakdowns, social isolation, shame and it can even lead to violence. The Conflict theory perspective explains how unemployment can be caused by class and power by focusing on the inequality within society. The inequality sequentially predicts that the poorer members of society struggle to find employment, to be able to get education to find suitable employment and are.
Clark, Todd and Christian Garciga. "Recent Inflation Trends." Economic Trends (07482922), 14 Jan. 2016, pp. 5-11. EBSCOhost, cco.idm.oclc.org/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=112325646&site=ehost-live.
O’Donnell, A. (2004), “Non-Standard” Workers in Australia: Counts and Controversies, Australian Journal of Labour Law, 17: 1-28.
Economy condition in Australia shows upward trends proven by the 3% increase of its economic growth (Figure 1) and decrease in the inflation (Appendix 1). Meanwhile,
Over the past five years the Australian economy has gone through many changes experiencing both the peaks and troughs associated with business cycle.
Prime Minister Malcolm Turnball has made the claim that “It is a great time to be an Australian” but ladies and gentlemen, is it really a great time to be an Australian citizen given that unemployment is at an all-time high and refugees are being deprived of basic human rights? Yes, Australia is a picturesque and peaceful continent but behind this curtain of beauty, there are issues which are disheartening and very controversial. Ladies and gentleman being able to work for a wage and having secure employment is a very important of how we identify ourselves and our worth as individuals and Australians. In 2016, however, the unemployment rate across Australia has risen to an all-time high with terrible consequences. Statistics have shown that
Australia issued two laws related to industrial relation from 2005 to 2009, Work Choices Act 2005 and Fair Work Act 2009. While the Work Choices has been strongly opposed because of the injustice in benefits of the employers, the Fair Work Act (FWA) - gain a lot of consensus from the workforce. It has not only created an equitable work environment but also given employees more rights. This essay will analyse the changes in Australia's industrial relations and show the reasons of Fair Work Act's success. Work Choices was Australia's industrial relations law in 2005.
People need money to purchase all kinds of goods and services they needed every day and sometimes, for goods or services they desire to own. To fulfill that, they have the essential need to earn money. In order to earn money, they must work in either in fields related to their interests or to their qualifications. However, people will meet different challenges during their jobs-hunting sessions, such as many candidates competing for a job vacancy; salaries offered are lower than expected salaries and economic crisis or down which causes unemployment. Unemployment is what we will be looking into in this report. Dwidedi (2010) stated that unemployment is defined as not much job vacancies are available to fulfill the amount of people who want to work and can work according to the current pay they can get for a job they chose to work as. There are four major types of unemployment: frictional, structural, cyclical and seasonal unemployment.
GDP is above 4 per cent p.a. it would be considered a boom year and
In December 2007, the United States of America experienced a very scarce yet appealing setback. In fact, because of this specific dilemma between 200,000 and 500,000 were left unemployed and without a stable home. The national Bureau of the Economic research defined this nationwide downfall as “The great recession”. According to the U.S Bureau of labor statistics the unemployment rate has not made a drastic improvement since the start of the great recession. Unemployment has become that is still rising today with a slow rate of change. Unemployment is usually expressed as a number or as a percentage of a larger number. Although it has been ambiguous who has to be included in the percentage, there are members of society without a job, for whom it is certain that should not be added. Officially the unemployed are the people who are registered with the government as willing to work and able to work at a going wage rate but can’t find suitable employment despite an active search for work. In the article “why long-time employment can’t get back on track”, the author begins speaking on a ...
Daly, Mary, Bart Hobijn, and Rob Valletta. 2011. “The Recent Evolution of the Natural Rate of Unemployment.”