Unemployment in Australia 2012-2017 - Assignment
Added on 2020-03-16
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Running head: UNEMPLOYMENT IN AUSTRALIA 2012-2017UNEMPLOYMENT IN AUSTRALIA 2012-2017Name of Student:Name of University:Author Note:
UNEMPLOYMENT IN AUSTRALIA 2012-2017TABLE OF CONTENTIntroduction........................................................................................................................2Current Economic Overview of Australia:..........................................................................3Unemployment as Economic Issue:..................................................................................4Unemployment in 2012-13.............................................................................................8Unemployment in 2013-14.............................................................................................9Unemployment in 2014-15...........................................................................................10Unemployment in 2015-16...........................................................................................10Unemployment in 2016-17...........................................................................................11Policies undertaken to combat unemployment................................................................11Conclusion.......................................................................................................................13Reference
UNEMPLOYMENT IN AUSTRALIA 2012-2017IntroductionIn the modern economy Gross Domestic product of nations are one of the importanteconomic indicators to get a snapshot about the economic performance and ranking of themglobally. GDP in turn reflects how much employment is contributing behind that What it fails tocapture is the how many people still remaining idle and unproductive in the participation ofnational activities and such is identified as unemployment .In simple term unemployment, meansthe state of being without any job and be unable to earn livelihood through working (Argy &Nevile, 2016). The unemployment faced by a nation reflect the underemployed human resourceswhich if applied could bring forth more growth to the nation It is one of the macroeconomicfactor that indicates and determine as well the overall economic operation (Shimer, 2012). Moreunemployment leads to less income of the nation and less consumption that influences the GDPof the nation. Excessive and increasing unemployment has detrimental impact on the health ofeconomy and that is why it is considered as one of the economic issues that almost every nationface though the rate intensity and degree differ remarkably.Economy of Australia though small but enriched with plenty of potential to grow andexpand. The biggest mixed market, which the country is consist of at least indicates thatstrongly. Even though the nation ranks 14th as per nominal GDP, Ii is diagnosed too with thecommon ailment of unemployment that is recorded to be at the rate of 5.6% of total labor forcerecently in recent year(2017).The paper aims to report the unemployment issues faced by Australia over the last fiveyear period that is 2012-2017. It sheds light on the facts and challenges posed by unemploymentwith further discussion of national policies and attempt to deal with the chronic problem.
UNEMPLOYMENT IN AUSTRALIA 2012-2017Current Economic Overview of Australia:Australia is 14th largest global economy as per the nominal GDP estimation and ranks20th in terms of Purchasing Power Parity. As per the estimated data of International MonetaryFund, the nominal GDP of the nation is recorded to be $1.258 trillion in 2016. The national GDPgrows at 1.8% annually. The country reflects pretty higher per capita income, which is recordedto be $51,850. The nation is top in world economies as per the wealth per adult and the annualgrowth rate of wealth is 4.4% due to constancy of exchange rate. The Human DevelopmentIndex of the country is second highest in world.Looking at the sectors wise performance of GDP, the service sector seems to dominate the totalproduction of the country accounting for almost 61% of the GDP. The major components ofservice sectors are education, tourism, consultancies and financial services They consist themaximum of the export basket mostly forwarding the good into China, Japan, South Korea, USand India. The country has been revolving around 5-6% recently after facing rise in postfinancial crisis reaching a peak of 6.25%. Construction is the next bigger componentcontributing to 8% of GDP. Mining is also crucial in the economy as it accounts for almost 7%of GDP. 6% of the total national production comes from the manufacturing sector. Only 2% ofthe total production is achieved through operations and productions in agricultural sector. .Natural resource along with agricultural production holds 2-5% of the total GDP. The country captures inflation rate recorded at 1.9%. Australia is one of the largerexporting countries to the world facing higher export demands from China, Japan, South Korea,European Union and United States of America. This makes the country produce more of
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