The nation posted its worst unemployment rating in 10 years. The unemployment rate rose to 6%, after 3700 jobs were lost in the economy, according to the Australian Bureau of Statistics. 7100 full time jobs were lost and 3400 part time jobs were added, showing clear signs of a weakened labour market.
Businesses are losing confidence in the future economic conditions, forcing them to cut jobs, according to Moody’s Analytics associate economist Katrina Ell. The unemployment rate is expected to rise further than 6% throughout the year as the effects of the declining mining industry start to show. Recent news about Quantas, Virgin and Toyota job cuts have made households worry.
The current goal to create 25,000 jobs is not at pace with the population growth. Despite recent overall strength in the economy, this will take time to trickle down to job numbers.
Read more about this on the Age website.
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