Hi!!
Can someone please explain to me about the recent trends in unemployment in the past few years (preferably after 2011)? Can someone discuss the reasons for these trends like the Mining Boom II etc.
Thanks
Hi,
These are my notes on the unemployment trends of Australia:
• Australia began experiencing higher unemployment rates in the mid 1970s, after recording very low unemployment rates in the 1960s and 1970s. The rate of unemployment peaked in the early 1990s due to structural changes and the 1990-91 recession – the unemployment rate was 10.7% in 1992-93 (the highest since the Great Depression of the 1930s).
• Following the 1991 recession, there was a steady decline in Australia’s unemployment rate during the consecutive years of economic growth.
• Unemployment fell to a record low of 4.2% in 2007-8, during the peak of the Mining Boom.
• In 2008-09, the GFC had a major impact on the Australian labour market, with unemployment rising to 5.8% in 2008-9 due to low growth of 1.7% in the economy. However, there was a quick recovery and unemployment fell to 5.1% in 2009-10 due to the continuing Mining Boom.
• The Mining Boom ended around 2013, leading to unemployment rising to over 6%.
• In March 2018, the unemployment rate was 5.5% due to a record 17 consecutive months of job growth. Most recent stats show that unemployment is now at 5.4% in July 2018 (due to continuing steady job growth and a slight decline in the participation rate). \