This report is based on the unemployment, as is the critical factor that shall be considered; otherwise, it can influence the countries on the each level of the economic progress. The effect of the unemployment it effects the poverty and depression from the normal way of life. It also affects the growth of children and due to this disputes in the home. In this market, economics face some unemployment which is raised because of the growth, dynamic birth, death of firms, decline and due to some changes are occurring in the employment. Unemployment can be acceptable. The disadvantage of unemployment also affects the individual one and also affects his or her family when it effects going continuously for months or years. Due to effects of the unemployment, the Australian economy has learned to make some large changes in the structure of the economy. It happens due to changes in the technology such as due to the full edition of the world market and also a due increase of the competition in the market due to lower pay countries also comes in the production of manufactured goods, and also make the changes in the expenditure so that real income can become out. In addition to this the continuous loss of a job is due to the oldest from education and the level of the education is not increase as per the new technologies is coming as a result of this there is a decline in the job opportunities. This report is based on the unemployment statistics. In this economy is working on employ the women who can learn to earn for their children and also for the married women so that by this employment increase for the women and by this it also improve the economy.
In this concept of unemployment is not fixed. In addition to this in most of the countries production of goods and services are developed through the proper economy and even the people are working them for salary. This concept is also working in Australia even they also adopt the standard international terms which are known as unemployment. In this concept, the people can become unemployed if they do not work for one hour and people are keenly looking for a job as fast as possible. In this survey is going for asking the people while they work for one hour in the last week. Only those people will give the correct answers who work in the black economy. In this, it gives the opportunity to decrease the level of unemployment and provide the employment to the people with wages.
Unemployment has become the serious point, as due to this number of people who are capable to work, but cannot do work because of some reason; such as- low prospects for a new job, low vacancies but a number of applicants are high and much more. The rates of unemployment are kept at lower volume by Australia, in comparison to other nations. However, unemployment has become one of the consistent issues for the Australia, as it has affected the economy of the nation. The alterations done in the production patterns lead to the loss of jobs and resulted in lower opportunities for a job in Australia (Simpson, 2017). This can be regarded as one of the reasons which for increasing unemployment in Australia.
In Australia, the two foremost measurements of employment are- Australian Bureau of Statistics unemployment rate and labor force participation rate. Unemployment has become the big issues in all the sectors and it also effects in an economic sector not only in terms of opportunity but also in the charge of low production, and even it has also affected the social sectors in terms of poverty, inequality and some of the family problems arisen. In this unemployment can be various types such as long term and short terms the common between all types of unemployment is cyclical or structural factors (George, 2015). It is the duty of government to keep the minimum unemployment in the country. Introduction of technology has become more difficult to a human being to work with or understand the new method of production and due to this unemployment increase and the jobs became unnecessary (Simpson, 2017). In this, the workers think that the skills which are used in the past industries are very useful but this technology is not used for the new and upcoming industries.
Structural unemployment is the most common type of unemployment. This type of unemployment occurs due to changes in the structural changes and fluctuations occur within the economy due to some modifications occurred in the technology besides the ups and downs occur in demands of good and services.
Another point is cyclical unemployment it happens because of the downfall in the economy. Decrease in the demand and production no need of the workers and due to this, it increases the unemployment in the business sector (Hutchens, Australia’s unemployment rate rises to 5.9% with 6,400 jobs lost in February, 2017). Cyclical unemployment is different from the economy level of the growth of the economy. In addition to this in past years, Australia is working on improving the cyclical unemployment.
Currently, Australia grieves from cyclic unemployment that is caused by slimming down in aggregate demand or in economic activity. As fall in aggregate demand leads to falling in consequent demand for labor as well. In order to maintain the employment, Australia has to maintain the rates at lower rates compared to other countries. Unemployment is still a critical problem for the Australia economy. In addition to this due to changes in the working method of production as a result of it job opportunity has become less in Australia and due to this, it increased the unemployment in Australia (Farrer, 2015). The government of Australia has to make the efforts to solve the issue of the unemployment and also try to maintain the unemployment rates lower. In this some of the major factors on which the Australia have to work such as youth, long-term unemployment and try to give the opportunity to the older workers.
The causes behind unemployment vary. However, there are some common causes of unemployment in Australia, which are-
Industry shutdowns- The shutdowns of the industry are one of the obvious causes of unemployment. Due to shutting off industries, people get remain out of work. Beside this in order to hire those employees who get remained out of work, because of industry shutdowns; there is a scarcity of industry diversity (Innes, 2017). Examples of such industries are- manufacturing, textiles, agriculture, automotive etc. In addition to this, the banks are also used to be blamed by some individuals, as they do not provide financial support to innovative start-up companies which can provide employment to many people.
Offshoring- in Australia, aspects related to unemployment began to upturn years ago. As the income of the nation through taxation decreased, because of the individuals who paid tax incentives to foreign countries to move jobs as well as some factories were also moved to another nation. Many textile companies have been moved to other countries which resulted in the loss of skills of local workers (Sebastian, 2015).
Infrastructure- During harder economic times, private and public expenditures on infrastructure declines. Due to this aspect, engineers and other individuals who possess skills in the industry related to infrastructure development has moved to other foreign countries for job prospects ( Fowkes, 2011). But then again, this aspect has caused unemployment for the laborers in Australia.
Recession- One of the major reason which causes unemployment is a recession. During the recession period, companies need to tighten their belt and lay off some of their employees or workers. The recession is a cause for the increase in unemployment in Australia.
Natural disaster- Another cause of unemployment is a natural disaster. As natural disasters like- cyclones, droughts, and earthquakes affects the employment rate. Due to droughts and cyclones, farmers get affected (Sebastian, 2015).
Different countries follow the different concept of calculating the unemployment. The three reason which states the unemployment condition are-
People who are not interested in searching a job will not be included in the unemployment conditions in Australia.
After the World War 2nd, Australia controlled the unemployment rate by 1% to 2 %; since twenty-five years. In addition to this, the equal majority is given for working to men and women and they work till the marriage. In 1970, it has been noticed that the Australia unemployment rate is 7.5% and in the year 2003 Australia unemployment is well under control the rates are below 6%. It also noticed that between these years the unemployment rates of the Australia is under 6% only and it only increase only two times in the 1980`s and 2000.
In addition to this unemployment in Australia is not having the consistency across all the parties. Youth is suffering from the unemployment in Australia. In 2005, it has been noticed that the unemployment marries people was only 3%, and the unemployment of the single people is more than fourth times then the married people. This happens because of some reason follows:
Unemployment for longer time period has terrible effects on both individuals and the society. Individuals who are unemployed from long-term are more exposed to alienation, stigma and shame, increased crime and social isolation. Unemployment for a longer period of time leads to poverty (Wade , 2014). As in absence of the employment, individual`s spending power decreases and because of, lack of a source of income scarceness increases. Hence it can be said that unemployment gives birth to the poverty, which is a curse for the society. Individuals who stay outer the workforce for some time assess it much inflexible to come back with their skills on the job, again. Lose currency as well as employers also seek to hire those individuals who have more fresh experience ( Fowkes, 2011).
The rate of unemployment was constant in August as compared to other months. Seasonal accretion in employment in August was grown by 55,200 jobs in comparison with the earlier month. Whereas the job opportunities created in July was 30,000. This means that there was a really very high increase in the seasonal employment as per the expectations of the experts. Rate rises to 4.5% with 6,400 jobs lost in July. The total number of people with job fells by 6,400 with a market for the casting of 15,000.
Against the background, the level of unemployment fell by 23100 or (3.1 percent) between June 2015 and June 2016 and the employment rate declined from 6.1 percent in June 2015 to 5.8 percent in June 2016 (Farrer, 2015). The fall in the unemployment rate occurred in conjunction with a 0.1 percent point increase in the participation rate over the period during 2016.
The impact of the unemployment problem is very serious one, in the long term economic challenges in the subsequent years (George, 2015). Unemployment means out of job or a situation or where the individual is willing to work but do not have any job. The economy of Australia is also being affected by unemployment. Impact of unemployment on Australia`s economy are as follows-
1. Spending Power- The spending power of the unemployed person and his/her family decreases drastically and they would rather save then spend their money, which in turn affects the economy adversely.
2. The reduced spending power of the employed- Increased taxes and the insecurity about their own work may affect the spending power of a person(Farrer, 2015). There are many other factors which affect the economy like a recession, unemployment financial cost etc. There is also the drastic effect of unemployment on the society.
The data given below depicts the rate of unemployment in Australia from the year 2015 to the year 2017.
(Source-https://www.focus-economics.com/countries/australia/news/unemployment/unemployment-rate-stable-in-august/Australian Bureau of Statistics.)
(Source- https://tradingeconomics.com/australia/unemployment-rate)
The above data presents unemployment rate of Australia in August of 2017 is maintained at 5.6% and it remains same in earlier in this month and the estimates of the market remain same. In this, as a result, that economy added the jobs 54,200 number of and with this unemployment also decreased up to 1,100.
In this employment has been increased by 54,200 to 12,269,000, it has become the biggest achievement of having the jump since October 2015 and also thrashing the market estimations of 15000 increase and there is also increment in the employment of full-time up to 40,100 to 8,392,300 and also increase in the part-time employment 14,100 to 3,876,700.
In addition to this, the effect of this unemployment decreased by 1,100 to 727,500. As a result of this, the number of unemployment person looking for a job of full-time has been increased by 6400 to 501,600 and the people who are looking for the part-time it has been falling down by 7500 to 225,900.
In this even the people working for the monthly hours, these jobs are also increased 6.1 million hours to 1,705.4 million hours. As a result of this, the seasonal employment has increased the population ratio up to 61.6 percent to 61.4 percent in the month of July.
The above data reveals the rate of unemployment in Australia. Through analyzing the whole data, it can be evaluated that, if any measurement or action is not taken out by the Australian government; then the condition related to unemployment can become worse. There is a large number of youths who do not have any job at present. This not only affects the living conditions of the individual youth bout also negatively affects the society.
Conclusion
This essay concludes that the unemployment rate in Australia is lower since last few years. There are many causes that lead to unemployment in the nation. Unemployment brings several issues not only for the individual but also for the society and the nation. It is crucial for the nation that some measures shall be carried out in order to eradicate unemployment in youth. As this phase can distress country`s future. There are several effects of unemployment i.e. poverty, anxiety in unemployed individuals, low standard of living, negative impact on country`s economy. Positive motivational encouragements or employment schemes shall be initiated by the government in context to providing job prospects to the individuals. Australian government shall initiate some financial support schemes for the talented and skilled individuals for their start-up and for small enterprises. As such start-ups can help in providing employment to many people. Natural disasters which are one of the causes of unemployment cannot be stopped. As droughts, earthquakes cannot be a stopover, however, the government of Australia can make strategies to overcome the effects of the natural disasters and provide some funds to the individuals especially to the farmers who have been affected due to natural disasters. In addition to this, planning shall also be done in order to come up with ups and downs in demands.
References
Fowkes, L. (2011, 10 26). Long-term unemployment in Australia. Retrieved from www.apo.org.au: https://apo.org.au/node/26955
Farrer, M. (2015, 2 12). Unemployment in Australia rises to 6.4%, highest for 13 years, ABS figures show. Retrieved from www.theguardian.com: https://www.theguardian.com/business/2015/feb/12/unemployment-in-australia-rises-to-64-in-january-abs-figures-show
George, H. (2015, 6 7). Long-Term Unemployment In Australia Rises, Affects Overall Wellbeing. Retrieved from www.ibtimes.com.au: https://www.ibtimes.com.au/long-term-unemployment-australia-rises-affects-overall-wellbeing-1451330
Hutchens , G. (2017, 8 17). Australia’s unemployment rate falls to 5.6% as jobs grow for a 10th month. Retrieved from www.theguardian.com:https://www.theguardian.com/business/2017/aug/17/australias-unemployment-rate-falls-to-56-as-jobs-grow-for-10th-month
Hutchens, G. (2017, 3 16). Australia’s unemployment rate rises to 5.9% with 6,400 jobs lost in February. Retrieved from www.theguardian.com:
https://www.theguardian.com/australia-news/2017/mar/16/australias-unemployment-rate-rises-to-59-with-6400-jobs-lost-in-february
Innes, C. M. (2017, 9 14). Australia: Unemployment rate stable in August. Retrieved from www.focus-economics.com:
https://www.focus-economics.com/countries/australia/news/unemployment/unemployment-rate-stable-in-august
Janda, M. (2017, 7 20). Unemployment steady, full-time jobs rebound, but is the economy as good as it looks? Retrieved from www.abc.net.au: https://www.abc.net.au/news/2017-07-20/unemployment-jobs-figures-abs/8726952
Letts, S. (2017, 7 15). Unemployment rate falls to 5.5pc as full-time job creation continues to boom. Retrieved from www.abc.net.au: https://www.abc.net.au/news/2017-06-15/may-employment-unemployment/8619974
Riley, G. (2011, 1 1). Consequences of Unemployment. Retrieved from www.tutor2u.net:
https://www.tutor2u.net/economics/blog/revision-consequences-of-unemployment
Sebastian. (2015, 4 3). Causes of unemployment – common causes in Australia. Retrieved from www.adelaide-southaustralia.com: https://www.adelaide-southaustralia.com/money/causes-of-unemployment/
Simpson, S. (2017, 5 5). The Cost of Unemployment to the Economy. Retrieved from www.investopedia.com:
https://www.investopedia.com/financial-edge/0811/the-cost-of-unemployment-to-the-economy.aspx
Wade , M. (2014, 6 7). Long-term unemployment damages Australia’s wellbeing. Retrieved from www.smh.com.au:
https://www.smh.com.au/national/longterm-unemployment-damages-Australias-wellbeing-20140606-39ojk.html
Wright, S. (2017, 7 20). Australian Bureau of Statistics says unemployment rate up. Retrieved from www.perthnow.com.au: https://www.perthnow.com.au/news/western-australia/australian-bureau-of-statistics-says-unemployment-rate-up/news-story/b9e09b158f64e2f419cfa01898741543
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