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Australian Unemployment Rate, Issues, Causes and Consequences in Australia

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Added on  2020-04-07

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Australian Unemployment 14 Running Head: Australian Unemployment Rate, Issues, Causes and Consequences in Australia Student Name Institutional Affiliation Course/Number Instructor Name Due Date Introduction 3 Data Analysis 3 Causes of Australian Unemployment 4 Issues of Unemployment 6 Types of Unemployment 6 Cyclical Unemployment 6 Frictional and Voluntary Unemployment 7 Structural Unemployment 8 Seasonal Unemployment 8 Distribution of Unemployment 9 Consequences of Unemployment 11 Government Policies 11 Conclusion 11 References 13 Unemployment Rate, Issues, Causes and Consequences in Australia Introduction The unemployment rate is the proportion of

Australian Unemployment Rate, Issues, Causes and Consequences in Australia

   Added on 2020-04-07

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Running Head: Australian UnemploymentUnemployment Rate, Issues, Causes and Consequences in AustraliaStudent NameInstitutional AffiliationCourse/NumberInstructor NameDue Date
Australian Unemployment Rate, Issues, Causes and Consequences in Australia_1
Australian Unemployment2Table of ContentsIntroduction..........................................................................................................................3Data Analysis.......................................................................................................................3Causes of Australian Unemployment..................................................................................4Issues of Unemployment.....................................................................................................6Types of Unemployment.....................................................................................................6Cyclical Unemployment..................................................................................................6Frictional and Voluntary Unemployment........................................................................7Structural Unemployment................................................................................................8Seasonal Unemployment.....................................................................................................8Distribution of Unemployment............................................................................................9Consequences of Unemployment......................................................................................11Government Policies..........................................................................................................11Conclusion.........................................................................................................................11References..........................................................................................................................13
Australian Unemployment Rate, Issues, Causes and Consequences in Australia_2
Australian Unemployment3Unemployment Rate, Issues, Causes and Consequences in AustraliaIntroductionThe unemployment rate is the proportion of people without jobs for all the persons participating in the labor force. In Australia, there are strict definitions of unemployment; there are conditions an unemployed worker has to meet to be included in the labor force; must not be having a job, is actively seeking, and is willing to accept any job (Yenilmez & Kiliç, 2017). This definitions tells us that the unemployment rate provided by the Australian Bureau of statistics is not a true indicator of the whole population unemployment rate. This paper shall identify both the short run and long run types of unemployment. We shall get adequate information on the various causes of unemployment. This paper shall also give instances in which a person may get laid off and become unemployed again. There are many issues of unemployment; some of while emanates from the definition of unemployment by the Australian government. These issues shall be considered and analyzed through various literatures. The Australian unemployment data for the past 5 years will be used to explain the labor market performance. The trend line will be used to determine the direction in which the performance is taking. The performance during these 5 years will give the various actions that the government has taken to control the unemployment rate. The actions will be discussed and their effectiveness determined. Further, this paper will consider the distribution of unemployment in all the Australian states and the differences will be analyzed. The age-group will also be used in explaining the distribution of Australian unemployment rate. Lastly, this paper shall determine the consequences of having a high unemployment rate in the economy. Weshall determine some of the most critical negative impacts that directly result from many people being unemployed. The paper shall be important in addressing the issues and problem of unemployment in Australia and any other country since all the factors to be discussed are similar in all economies.Data AnalysisDepending on the country’s performance, it’s difficult to get the same unemployment rate for different years. During years of high performance, the unemployment rate was lower, but was higher for years with lower performance. The five year data is used to derive the graph below.
Australian Unemployment Rate, Issues, Causes and Consequences in Australia_3
Australian Unemployment4Graph: Trend of Australian unemployment rateSource: Tradingeconomics.com (2017)The Australian unemployment data from 2012 to 2017 shows that the rate has rose over the years; the trend line slopes upwards. In the past years (2012), the unemployment rate was lowbut have gone up in the following years. The highest unemployment rate in Australia during the 5 years was recorded in 2015. After the 2015 record, the unemployment rate has declined thoughit’s still very high; the current unemployment rate is 5.6%. According to Janda (2017), the rate of5.6% was a fall caused by the creation of nearly 28,000 jobs in July 2017.Causes of Australian UnemploymentThere are varying factors that are responsible for unemployment rate in Australia. Increased production costs have contributed to the laying off of many workers and this has raisedthe unemployment rate. Industries have been shut down due to the inability to cope up with the high production costs. Thousands of workers have been laid off owing to these shut downs. In a state like South Australia with less diversification of industries, the laid off workers are not readily absorbed and thus the unemployment rate rises. Some of the industries where shut downs have been experienced is on the manufacturing, textile and agriculture. Sebastian (2015) noted that there is a blame on the government for not preparing the workers from firms that are shutting down like Holden to do other jobs. However, the blame can be reflected back to the firmbecause the reduced domestic demand for its cars could have stimulated it to look for market
Australian Unemployment Rate, Issues, Causes and Consequences in Australia_4

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