Employment News

Massive Drop in Full-time Jobs in Australia

 

By: SUJOY MUKHERJI

Posted: February 2009

The number of people in Australia has continued to increase between 1978 and 2004. The percentage of the population in employment has also continued to increase. The number of employed persons who worked from home has increased by 17% over the period from 1989 to 2000. During the same period this number as a percentage of total persons employed has increased three-fold from 3.5% to 11%.

 

Sadly, there is some bad news for the Australian economy - Full-Time employment has dropped 44,000 to 7,640,200 (2008 est.) while part-time positions soared 42,800 to 3,102,200 bringing the net loss of jobs to 1200 (2008 est.).

 

The massive decline in Full-Time Employment, down nearly 44,000, is a big worry. It shows weakness in job security and workers have their hours cut back. It's a real shift in employers behavior. The Labor Force in Australia has been cut by 1200 positions, due to a revised 16,200 jobs in November 2008. However, total employment numbers rose to 10, 749, 400.

 

According to the Chief Economist at National Australian Bank Capital (NAB Capital), Rob Henderson,"The trend is showing employment growth is fading fast. Its is expected that unemployment shall reach by 6% by the end of the year, with a monthly increase of 0.1 to 0.2% points".

 

The slumping of the job numbers suggest the Reserve Banks cuts of last year, along with the governments $10.4 billion stimulus package still have some way to go before they start being enforced, provided the boost needed by the consumers and business to keep the economy through a period of sluggishness.

 

To Conclude, there is no doubt that the Reserve bank will have to take some solace that fall in employment was so small. But that said, the unemployment rate is rising and that's something which needs to be avoided.

 

For more information regarding the Australian current business affairs - The Sydney Forex Review