With briefing note in hand at the traditional pre-budget interview, Australian treasurer Josh Frydenberg says the focus will be on ‘the here and now’.
Shortly after the ABS unveiled the labour force numbers, the government signalled mutual obligation would be reintroduced in three stages with penalties waived in the first instance. Every state saw a drop in unemployment except Tasmania and Victoria. A bouncing participation rate, the result of more people now looking for work, means both the number of employed and unemployed Australians rose. Frydenberg says Tuesday’s budget will be about the “here and now” – and the most pressing issue in the here and now, in his definition, is getting the unemployment rate down. “But of the 460,000 that have come back, 181,000 are young people – 38% of the jobs lost have been young people and 39% of the jobs gained have been young people. “When we came to government, the unemployment rate was 5.7% and we got it down to 5.1% in February.”. Australia has suffered its deadliest day of the COVID-19 pandemic, with 17 people dying. The Morrison government argues tax cuts will power our recovery. Around one in five Victorians previously stood down on zero hours had returned to work in the lead up to the second lockdown. 1 / of 2 Australia faces youth unemployment crisis in the wake of COVID-19. However, when the Treasury took into account those employed but working zero hours under shutdowns, it was estimated that the increase in effective employment has been even greater with 689,000 additional people back to work since April. The Treasury figures also confirm that nearly one in ten Australian workers are now unemployed, with the effective unemployment rate down to 9.9 per cent after a peak of 14.9 per cent in April. People queue up outside a Centrelink office in Melbourne in April 20. He notes that after the recession of the 1980s, the unemployment rate took six years to trend back down to under 6%. What form it will continue in beyond its September mandate is to be revealed by the Treasurer during his 23 July budget update. This week Treasurer Josh Frydenberg acknowledged this week that real unemployment — that is, Australians without jobs — is actually much higher at 13.3%. Australian unemployment rose again in June, jumping 0.3% higher to 7.4%, according to the latest ABS figures out on Thursday.
To encourage activity in the residential construction sector, the government will also extend the first-home buyer loan scheme until 30 June 2021, with increased price caps. The initial lockdown 2.0 was predicted to cost between $3 billion and $5 billion. Under the legislation, the wage subsidy will be reduced from $1500 a fortnight to $1200 and from October, the payment for people working part-time will have the payment slashed from $1500 a fortnight to $750. “Our casual employees, people in whole sectors like the arts and entertainment sector, aren’t getting the support that they need, and the government needs to respond to this.”, Available for everyone, funded by readers. Migration accounts for about 60% of Australia’s population growth. The coronavirus pandemic cuts a swathe through the labour market with seasonally adjusted employment falling by 594,300 in April, Thu 14 May 2020 05.55 BST Unemployment also fell in Queensland, which like WA has closed its borders to states still experiencing COVID-19 infections. With Victoria’s six week lockdown both strengthened and extended since then, unemployment is now set to hit 10%. If it weren’t already plain to see, the federal government has confirmed Australia is in for some dark days ahead. Unemployment will continue to rise because of the lockdown in Victoria and because of an increase in the participation rate. Morrison also signalled the enhanced income support had a finite life. “Instead of cutting $300 per fortnight from millions of people’s already sparse incomes next month, we need parliament to put in place a permanent, adequate Jobseeker rate, which before the temporary Covid increase, [had] not been increased in over 25 years,’’ she said. Just a fortnight ago, Josh Frydenberg had unemployment peaking at 9.25% before Christmas. The treasurer faces his biggest challenge – trying to navigate Australia out of its first recession in 30 years, Last modified on Fri 2 Oct 2020 16.01 EDT. To join the conversation, please Log in.
Australia’s ‘real’ unemployment rate is set to soar as state borders remain closed and Victoria emerges from a second lockdown according to new Treasury figures. Back in June, the government forecast Australia’s unemployment rate would swell to 9.25%. The treasurer says women made up 54% of the jobs lost but they are 60% of the jobs that have been gained as the economy outside of Victoria has mounted a patchy recovery. Treasurer Josh Frydenberg is digging in over plans to slash the value of JobKeeper despite his own prediction that the ‘real’ rate of unemployment is set to hit 13 per cent. Frydenberg trots out the economists adage about unemployment during economic downturns: it goes up the elevator and down the stairs. It paints a far starker picture of the labour market. That is another six months beyond the original timetable. They were hit hardest and hit first, but the positive trend is those jobs are starting to come back”. Unfortunately, even that betrays the reality of the situation on the ground.
The number of people receiving unemployment benefits is around 3 per cent across Australia. Of those who actually lost their job – 870,000 – 460,000 of those people are now back at work.”. This was the lowest jobless rate since April as COVID-19 restrictions eased across most states. People on the jobkeeper payment are classified as employed in these measures, even if they are effectively stood down, so the real unemployment rate is significantly higher than 6.2%. It was also still higher than the 7.1 per cent in Victoria, where a coronavirus lockdown has been in force, something the Labor opposition said was “staggering”. Download the entire news release (graphs and tables included PDF) 09/06/2020 - The OECD unemployment rate increased by an unprecedented 2.9 percentage points in April 2020 to 8.4%, compared to 5.5% in March, reflecting the impact of Covid-19 containment measures. Participation rate increased to 64.8%. My focus right now is using the levers available to us to get more people back into work and strengthen the economy.”. While the data is messy, Thursday’s rise puts the official unemployment rate now at its highest point it’s been since 1998.
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