Unemployment Rate in Australia | Assignment

Australian Unemployment 1
AUSTRALIAN UNEMPLOYMENT LEVEL
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Australian Unemployment 2
AUSTRALIAN UNEMPLOYMENT
Introduction
Australia economy has fallen a victim of unemployment like any other economy in the in
international market. The unemployment rate in the Australia has been changing with no
constant/ pre-determined % of concern. High unemployment rate situation is still being
witnessed in the country in the past five years with 2017’s seasonally adjusted figure being 5.6%
in August 2017 as in the months earlier matching the estimates in the market. During this period,
Australian unemployment rate stood at eleven percent. Such a record rate was subsequent to
worst financial crisis never witnessed in Australia (Evans, 2015).
Australia has had about 6.7 percent unemployment rate on average in the last five years.
The decrease denoted an improvement alongside creation of hope amongst Australians. The
Australia dollar regained its value, economic sectors showed improvement while investors were
enticed to invest in Australia. In 2013, Australia showed the economic performance relative to its
trade partners including the US.
Unemployment Definition
Unemployment exists in a country in case there is any worker who is ready as willing to
work with required and relevant skills and knowledge. Any worker who is willing as well as
ready to work yet is presently not working is regarded as being (Bonoli, 2017). Accordingly,
unemployed individual is one in labor force endowed with the below listed characteristics;
• Lacking any paying job presently and remains actively searching for the job either via
an application letter, online application or walking from a station to another searching for work
• He is willing as well as able to begin working as early as a week ago.

Australian Unemployment 3
• He is waiting to begin operating if he lands an opportunity subsequent to being
retrenched from previous job or stopped working due to not being remunerated.
• He is falling in fifteen years with appropriate knowledge together with skills capable
of landing him employment in the economy.
Any individual in Australia who falls in overhead group is being unemployed.
Accordingly, Australia’s unemployment describes the numerical composition of males and
females with required knowledge alongside skills, aged fifteen years and above, ready as well as
willingly searching for a job vacancies yet unable to get employed. They include persons who
within Australian labor force (Gregory & Smith, 2016).
Australian Unemployment Trend and Labor Market
The country has experienced surprising unemployment trends in the last five years. This
is depicted between 2013 and 2017. Australia is vast with economic blessings amongst the ECD
memberships, however, the economy is yet to stabilize the labor market in order to effectively
accommodate its aggressive and youthful citizens (Yusuf, Martins, Swanson, Martins &
Swanson, 2014). The unpromising rates of unemployment between 2013 and 2017 are as a result
of Global Financial Crisis shook Australia’s economy. Right from early 2013, Australian rate of
unemployment has averaged at about 6.70. Australia’ labor market has had a structural growth
alongside amplified export-derived revenue collection.
Australian industrial sector witnessed a growth thereby accommodating unemployed
population because of foreign investors trusting the economy’s stability in currency between
since 2013. The industrial sector growth opened up job opportunities thereby absorbing the
country’s unemployed population especially women. Australian labor market regained strength
because of labor demand surge triggered by growth in the economy. Nonetheless, subsequent to

Australian Unemployment 4
GFC and corresponding effects to all ECD, the labor market of Australian is still weakened to
date. Rate of unemployment has been soaring from 2013 and continued reaching 6.2 percent in
2015 but has since dropped to 5.60% in August 2017.
The country has been caught up in a recessions accompanied with negative impacts on
growth of economy as aftermath. These recessions have accounted for the instability in labor
market in Australia to date. Such recessions including the GFC still account for the damages to
labor expectations in Australia especially the youthful group even between 2013 and 2017.
GFC was accompanied by declined employment period, diminishing opportunities for
job, augmented unemployment periods, decreased opportunities for employment alongside worst
increase in uncertainties over vacancies. The labor market was extremely weakened
characterized by laying offs and retrenchment as the sole option for few working group
accommodation. The Australia has been picking up from 2013 through 2017 with reports
showing 5.6 percent as unemployment rate in August, 2017. Improvement are expected because
of Australia dollar stability alongside economic growth sustainability among ECDO
memberships.
The Australia has unbalanced labor market with respect to distribution of unemployment.
More of the youths are unemployed than adults. About 12 percent of Australian youths remained
unemployed subsequent to the disparaging GFC. Almost 2/3 of Australian total unemployed
persons are youths. Such a trend is discriminatory as it kills the Australian future labor market. A
great percentage of Australian youths aged between fifteen and twenty-four years are not only
ready but also willing to work for the prevailing wage rate but they are unable land any
opportunity (Flèche & Layard, 2017). The Australian high number of unemployed youths is due
to adjustment in structural alongside economic.