Unemployment in Australia: A 5-Year Analysis and Government Policy Response

Written Report
Unemployment during last 5 years and its effect on the Australian
economy and government policy towards reducing unemployment
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Contents
Introduction...........................................................................................................................................3
Unemployment in Australia...................................................................................................................4
Reasons for unemployment in Australia............................................................................................6
Government Policies to fight unemployment.....................................................................................9
Conclusion...........................................................................................................................................12
References...........................................................................................................................................13
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Introduction
Unemployment is a state of an individual in which do not earn his livelihood. The rate of
unemployment is increasing due to the negligence of work of unwillingness of people for
working. This has made an increment in the poverty rate of the country and leads to a
reduction in the economy rate. The report will give it clarification on the need for jobs for the
survival of an individual in Australia as well as the policy formulated by the government for
the reduction of unemployment in Australia. This will help in increasing the rate of
employment and lead to provide livelihood to the customers. The increase in employment
with the formulation of policies helps in providing job opportunity to the people and makes
them earn high income with a wide range of productivity. This led to improvement in the
living standard of people and makes them contribute to the economy of the country.
The reduction in the rate of unemployment in Australia will help in increasing the rate of the
economy and lead to provide satisfaction to the people. This will help in contributing a major
portion in the GDP of the country and increases the income level of the country. The
expectation of the Focus economic is that the rate of unemployment would be 5.2% in 2019
that need to be diminished for the meeting of demand and supply in the country. The increase
in unemployment leads to reduce the labour rate and lead to high contribution in the
diminishing result in the economy of the country. The report will explain the number of
policies that have been formulated and implemented by the government in last 5 years for the
reduction of unemployment and increasing the economy of the country. This led to increasing
the rate of employment in Australia.
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Unemployment in Australia
Every year a large number of youth is graduating and is trying to enter the labour market.
There are many reasons for there not able to maintain the jobs and search the related and
desired jobs. Many of them are facing recession and doing low rated jobs to earn their bread
and butter. For those who are actually working it is difficult to find correct hierarchy and
growth in the consecutive field. Currently, there is more than 30,000 youth unemployed in
Australia; this graph has increased considerably since mid-2008, after the change in Global
Financial Crisis (GFC). Although the rate of unemployment is high still the rate is under
maintenance. This time the graph as not stepped below a certain benchmarked number, thus
the situation has been under control for some time. But the economy of Australia has affected
since 2008. Around 80 million people are unemployed in Australia that constitutes to around
43% of the world’s employment, this is a huge number to consider and work upon
(Whiteford, 2018).
Figure1- Industries affected by a recession
(Source- Carvahlo, 2015)
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