In the past decade, Australians have watched their nation lose nearly one million jobs as a result of global economic turmoil and the global recession.
This is happening despite the fact the population is growing.
In 2018, the number of Australian jobs fell by a quarter.
This year, unemployment is forecast to rise to 13.5 per cent.
The Australian Bureau of Statistics estimates unemployment is at 7.1 per cent in 2020 and at 12.9 per cent by 2040.
The government has been criticised for focusing on unemployment rather than the broader economy.
But a new report released today by the Australian Bureau Of Statistics (ABS) shows the jobless rate has been growing faster than the rest of the economy.
“There has been a dramatic increase in unemployment over the past two years,” said Angus Thornton, a research economist at the ABS.
“In the past, people would see that there was an unemployment rate but that the economy was booming.”
The ABS report shows the growth rate for the unemployment rate has increased from 4.3 per cent to 7.2 per cent over the last two years.
While unemployment has remained stubbornly high for a decade, the report shows it is falling fast.
The ABS has found that the proportion of Australian adults in work increased by 7 per cent between 2017 and 2020.
“It’s been the fastest-growing of any age group over the period,” Thornton said.
“That means a lot of people are out of work, there’s more casual work, and it’s not necessarily a job that people want to get into.”
Unemployment is also rising at a faster rate than the national income and wealth, and the report also shows the number unemployed in every state has been rising over the same time.
“The unemployment rate was lower in the 1990s, but since the Great Recession has been increasing at a rate that we’ve never seen before,” Thornton told ABC News.
“So we’ve had a big boom in the past 20 years, which is not good news for people in Australia.”
What’s driving Australia’s jobless growth?
Unemployment is a very important measure of economic performance, said Thornton, but it’s also a very volatile indicator.
Unemployment can fluctuate up and down from week to week and month to month, depending on what is happening around the world.
“What is also very important is the unemployment response to changes in the global economy,” Thornton added.
For example, while Australia’s unemployment rate increased in the recession, it increased in response to the global financial crisis.
“We saw that, the global downturn, we saw a significant increase in the unemployment and that has been continuing to rise,” Thornton explained.
“Our unemployment rate went up in response, it went up at the same rate as the national GDP, and that’s also happening at a time when the economy is not doing very well.”
While Australia’s economy has not been doing very good, unemployment has been falling.
While Australia is one of the world’s most successful economies, the ABS report also finds that the unemployment rates of countries around the globe have been rising at rates not seen since the mid-1990s.
The rate of unemployment is the share of the workforce that is not working.
Australia is a high-income country, which means it is the most productive country in the world compared to other countries.
However, as the ABS said, there has been little growth in the number working.
The growth in employment is slowing.
The proportion of the working population that is working is decreasing.
“Australia has seen a long period of slow job growth in recent years, but we’ve come to grips with that,” Thornton warned.
“People have moved out of part-time work, they’ve moved into full-time employment, and so on, which has been good for the economy.”
How to prevent unemployment from rising again?
The ABS data also shows that the growth in jobless is accelerating.
“Over the past 12 months, the unemployment for women has been lower than the unemployment it was in 2009, but has gone up in the last year and a half,” Thornton noted.
“Women are now working for the first time in a decade.”
This is partly due to the introduction of the Essential Skills Program, which offers free training for those who can’t find full-timers.
“For example, if you’re unemployed and you’re looking for a part-timing job, you can go into the Essential Services Program,” Thornton continued.
“They’ll provide training to get you through your training.
They’ll also help you to find a part time job.”
Australia has also seen a drop in the share working.
This means there are fewer people working than there were at the time of the Great Depression.
This has been particularly true in the mining industry, where more people are employed than there was in the 1920s.
But despite the slow growth, unemployment still has a long way to go.
“I’m not sure if we’ll see a big jump again for the next 10 or 20 years but we’re definitely going to