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Unemployment in Australia - PDF

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Added on  2021-06-18

Unemployment in Australia - PDF

   Added on 2021-06-18

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Running head: ECONOMICS ASSIGNMENTECONOMICS ASSIGNMENTName of the StudentName of the UniversityAuthor’s Note
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1ECONOMICS ASSIGNMENTTable of ContentsIntroduction......................................................................................................................................2Unemployment in Australia over the last five years.......................................................................3Impact of unemployment in the Australian economy......................................................................6Australian government policy towards reducing unemployment....................................................9Conclusion.....................................................................................................................................10References......................................................................................................................................12
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2ECONOMICS ASSIGNMENTIntroductionThis report provides an overview on the unemployment in Australia during the last fiveyears and its impact on this economy. Unemployment relates to the situation that occurs when anindividual actively search for employment but is not being presently employed (Gregory andSmith 2016). Unemployment is a bane in the nation at all levels of the economic development. Itusually brings despair as well as poverty from mainstream way of people’s life. Different nationsfollow different theories for estimating unemployment in the nation. Australia thereby followsstandard unemployment definition that is based on ILO (International Labor Organization)classification. Based on this, an individual in this country is taken into account as unemployed ifthe individual has not done paid work for at least an hour in one week and has been activelyseeking work as well as eager to accept any job in coming week. This signifies that theindividuals who are not seeking for job are thereby not involved in computation ofunemployment in this country (Hutchens 2018). Over the last five years, unemployment has beenone of the consistent issues for the economy of Australia. With huge variation in manufacturingpatterns, there has been loss of several jobs in this nation, which in turn lead to reduced jobopportunities. As a result, this enhanced total unemployment in this economy. In fact,unemployment in this particular country has not been consistent across the groups. Theindividuals who have high unemployment risk in this country are immigrants, youth and singleperson. Few main concern areas relating to unemployment in this nation are youthunemployment, long term employment and huge lack of employment opportunities for the olderlaborers (Mankiw 2014). Moreover, the Australian government has taken extensive efforts fortackling this unemployment issue and keeping rate of unemployment at lower levels. The
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3ECONOMICS ASSIGNMENTpolicies adopted by the Australian government towards reducing unemployment rate in thiscountry are also discussed in this study.Unemployment in Australia over the last five yearsThere are several factors that cause unemployment in an economy. Lack of investmentand economic depression are the two most vital factors that caused unemployment in this nation.Other reasons behind unemployment in Australia are globalisation and jobs outsourcing (Wade2018). In several manufacturing industries, the jobs that were held by the Australians are nowbasically held by laborers in other nations including China, Indonesia. Due to this the Australianlaborers becomes less involved in manufacturing and other industries, thereby leading tounemployment. Over the last five years, there has been slight change in unemploymentcondition in this nation. According to the data released by ABS (Australian Bureau ofStatistics), the unemployment rate trend in this nation during these years had reduced by nearabout 0.2%. According to Hutchens (2018), this unemployment rate has been the lowest sincethe year 2012, which highlights the strength in growth of employment during these five years.The trend in Australia’s unemployment rate has been hovering in range of 5.6% to 6.10% overthe past five years. At the present year, this rate has declined to five year low of around 5.25%.Even the monthly rate of unemployment trend for males as well as females also dropped to about5.5% since the year 2013. Apart from this, the participation rate trend also remained steady ataround 65.2% in this country. The participation rate of males has been around 70.8% whereas thefemale’s participation rate reached the highest of around 59.9% during these years. Also,monthly full time employment trend has also enhanced by near about 271,000 individuals sincethe year 2016. This makes up huge majority of about 335,000 individual increase in employmentduring these years.
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