Australian Bureau of Statistics reports that there has been an increase in employment to 11,660,000 from a revised June 2013 estimate. Whereas unemployment increased to 706,900, the government body reports that the unemployment rate remained steady at 5.7% which is not a lot higher as has been castigated by critics.
The report from the Australian Bureau of Statistics also suggests that the participation rate was steady at 65.2% from a revised June 2013 estimate and aggregate monthly hours worked increased to 1,643.0 million hours. Critics on the other hand portray that youth unemployment is an urgent problem as there are 116,500 unemployed 15 to 19-year-olds.
Reportedly, the youth unemployment rate at 11.6 per cent is double the general rate which stands at 5.7%. Some reports even claim that in some areas in Australia, the youth unemployment has gone-up to 30% which is a major problem that the government needs to address in an urgent manner.
Underemployment is a Major Issue
Unemployment rate is much higher among the young people looking for full-time work; here the data shows that 27.3 per cent of young people are unemployment, which is the highest for 15 years. Underemployment is also a major problem the national economy is facing, as in May Australian Bureau of Statistics estimated that about 900,000 employed people were underemployed.
Australian Bureau of Statistics stated that underemployment which was around 30% higher than the number of unemployed people. Earlier the government body reported that the number of people employed increased by 10,300 to 11,668,500 in June. The data shows that there has been an increase in employment opportunities but it is insignificant.
Part-Time Jobs Increasing
The data also showed that the increase in employment was due to increased part-time employment. It was also noted that the increase in total employment was mainly driven by increases in female part-time and male part-time employment which again is not considered a meaningful measure to track happiness quotient.
Darwin Has the Highest Employment Rate
Australian Bureau of Statistics reports that the city has the highest employment rate, works the longest hours, and has the most number of employed people per household. The government agency also reports that Northern Territories have the highest employment to population ratio in the country, as 71.6 per cent of the population is employed. As the elections are nearing, unemployment will definitely be a key issue among candidates.
To contact the reporter of this story: Jonathan Millet at email@example.com