Australian telco giant Telstra has started a new round of job cuts as the company progresses with its cost-saving strategy to remain competitive in the market. On July 20, Telstra said the latest changes within the company had resulted in “a net reduction of around 472 jobs.” Most of the lost positions were reported to…
Australia Reports Surprise Drop in Unemployment Rate in May
The Australian economy has been surprised by a slight drop in the unemployment rate in May, which defies market expectations and is anticipated to have implications on the central bank’s July interest rate decision. According to the latest labour force data from the Australian Bureau of Statistics (ABS), the jobless rate dipped by 0.1 percent…
Treasurer Spruiks Jobs Market but Cost of Living Bites
The treasurer is spruiking a strong jobs market as it concludes its first year in office. Treasury analysis of jobs data shows 333,000 more Australians were employed in April 2023 compared to when Labor took office in May 2022. The second time this occurred was under the Labor Rudd government, with just under 200,000 new…
Jobless Rate Expected to Linger at 50-year Lows
Workers remain in short supply, but the anticipated uptick in migration will likely help businesses fill some of their empty roles. The extreme labour market tightness of last year is expected to continue into 2023, with the Australian Bureau of Statistics due to release its January jobs data on Thursday. The unemployment rate hovered around…
Australian Unemployment Rate Rises to 3.5 Percent in August Despite More Jobs Added
The Australian unemployment rate rose slightly to 3.5 percent in August from July’s 48-year-low of 3.4 percent. However, it was still well below the full employment threshold. According to the latest data from the Australian Bureau of Statistics (ABS), there was a significant lift in employment in August as 33,500 jobs were added to the…
Australian Unemployment Rate Falls to Lowest in Almost 50 Years
May 18, 2022
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Australia’s unemployment rate has fallen below four percent for the first time as 4,000 people found employment, the Australian Bureau of Statistics (ABS) revealed on Thursday, two days before the federal election. ABS head of labour statistics Bjorn Jarvis said the jobless rate for April, at 3.9 percent, was the lowest recorded rate since the…
Unusual Level of Government Support Is Starting to End: Treasury
February 16, 2022
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Australia’s Treasury Secretary, Steven Kennedy, said early steps have been taken towards the normalisation of economic policies, but it was important to gradually reduce economic support to avoid any negative ramifications. In his opening statement to the Senate Economics Committee, Kennedy said the sensible tapering of government support was important to achieving the goal of…
Omicron Inflicts Uncertainty on Australian Jobs Data for January
Economists are feeling a degree of uncertainty over key workforce data for January as the unknown impacts of the Omicron COVID-19 variant outbreak hit economic indicators. The jobs market has been bouncing back robustly after the 2021 Delta variant lockdowns ended, causing the jobless rate to slump to a 13-year low of 4.2 percent. Nevertheless,…
Australian Prime Minister Forecasts Unemployment Rate to Dip Below 4 Percent in 2022
February 2, 2022
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Australian Prime Minister Scott Morrison has said he anticipates that the unemployment rate will dip below four percent this year. The jobless rate dropped to 4.2 percent last December, the lowest on record for 13 years. “I believe we can now achieve an unemployment rate with a ‘three’ in front of it this year,” the…
Australian Unemployment Rate Falls to 14-year Low
January 19, 2022
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The Australian unemployment rate for December 2021 fell to 4.2 percent, the lowest level since August 2008, just prior to the start of the Global Financial Crisis. Data from the Australian Bureau of Statistics (ABS) revealed that around 65,000 jobs were created during the month, of which approximately two-thirds were filled by men and one-third…
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