Australia Unemployment Rate

 

 

 

 

 

 

Australia Unemployment rate

 

 

Unemployment Rate in Australia

Unemployment rate is the percentage of unemployed workers. It is a major indicator of the soundness of the overall labor market.

Usually, the standard practice is that unemployment rate in a month is released after several weeks.

 

The figure brings about significant impact to the market as employment is very much important to a country’s overall economy.

 

Higher unemployment means there will be less national income because the workforce will in turn lower consumption in reaction to joblessness. The Australian unemployment rate is among the lowest in the world. Surely, the country is also exposed to and affected by the global financial crisis.

 

 

Some jobs have been shed since the onset of the financial crunch. But analysts assert that the level of unemployment in Australia is not as huge as the levels in the United States, the United Kingdom, and in several other developed countries.

 

Australia Uemployment Rate

The Australian government is surely doing its best to counter the rising trend in unemployment or at least provide assistance to jobless workers until they find new employment.


As mentioned, the Australian government has been conducting several measures to counter unemployment. In April 2009, just after Prime Minister Kevin Rudd came from a G20 meeting in London, he immediately went into a meeting with the largest four national lenders, namely, the Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking Group Ltd, and National Australia Bank.

It was proposed that the banks should provide unemployed workers a year of free mortgage payments.

 

The lenders agreed to the government’s request, saying such people will only be asked to resume mortgage payments when they finally get employed again. The national government said the initiative is aimed at alleviating the jobless workers’ fear and anxiety over losing jobs and continuing mortgage responsibilities. The banks also said they would extend mortgage contract periods to reduce sizes of loan payments by affected individuals. For car loans, lenders will implement waived fees and interest-only repayments. It is expected that Australia unemployment rate will continue to rise until 2010.

The government is honest in admitting that the country’s economy is not fully spared from the ongoing global financial turmoil. But the government commits to exploring many other measures to help Australians cope up with the times. The workforce can rest assured that although some companies may fold up and shed several jobs, there will still be moral and financial support coming from the local government. State governments also commit to subsidize and provide financial assistance to laid-off workers.

The banking industry also expresses support to efforts in helping unemployed workers. This way, the workforce could rest assured that the Australian unemployment rate, although slightly rising along with rates in other countries, will still be manageable and totally controlled.
 

 

 

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