In general, unemployment
serves as a scourge in almost all nations across all
economic development levels. Logically, loss and
scarcity of jobs bring about despair and poverty.
Unemployment is blamed for hampering of children’s
development and incurrence of conflict at home and
all social fronts.
Market economies experience
unemployment from dynamic establishment, growth,
slowing down, and death of companies.
In the past years, Australia unemployment had been
directly influenced by technological changes, world
market integration, intense competition, and massive
global economic situations.
Unemployment, for decades, has
been a nag, an intense problem in Australia. The
existence of unemployment is just a proof that the
concept is a precise one.
It could not be totally
eradicated in countries like Australia because most
goods and services production are conducted through
formal economy. Most people work mainly for wages.
The Australian Bureau of
Statistics has constructed measures to gauge both
underemployment and unemployment. Underemployment
runs when jobs available are not appropriate and
commensurate for the skills and qualifications of
workers. It could be considered slightly better
than unemployment, but to experts, the two have
equal demoralizing impact to employees.
ABS regularly releases monthly
data for unemployment, which has become one of the
significant factors in measuring local and national economy.
Unemployment scourges Australia and other Western economies. Boom and recession business cycles
lead to high and intractable unemployment.
In logical and
obvious circumstances, unemployment rises during periods of
recessions, as many businesses and firms shut down, close,
or restructure. In the 1990s until the onset of the 21st
century, Australia successfully avoided substantial
recession, thanks to good macro-economic management, sound
policies, and sheer luck. But these days, it seems that the
country will not be spared from the global economic crisis,
just like all other countries in the world.
The country’s unemployment rate is expected to shot up to
record levels during the end of 2009 until 2010. From there,
economists and analysts are still uncertain whether
unemployment will drop as a result of hopefully improving
global economy. Many Australians are starting to feel the
crunch. With many job losses and financial situations
declining, many families are displaced from homes, many
mortgages are defaulted, numerous employment opportunities
scrapped. There are employments rising, but this time, favor
is granted much more to technical and skilled workers (who
also are contented at lower salaries), mostly coming from
third world countries.
Until global economies improve, expect the crunch to
continue. High jobless rates mean there will still be
scarcity in liquid flows and local consumption of goods and
services will keep retarded. Almost all industries are
feeling the impact. It surely is not the best time to lose
or leave jobs. Experts advise Australians, and just about
anyone, to hold on to their employment until the financial
nightmare globally is finally over.