Australia’s unemployment rate is poised to hit its lowest level in a half-century, and this has been heralded by the current government as an economic triumph. But the unemployment rate depends on many factors (including labour supply, hours of work, and others), and does not by itself assure that the economy is maximising its potential.
In his weekly column for The Guardian Australia, Centre for Future Work Policy Director Greg Jericho unpacks the numbers behind the current unemployment rate, and compares it to the situation in 1974 when unemployment was last below 4%.
The column considers several factors contributing to the current unemployment rate, including:
- The flattening of labour supply due to border closures during the pandemic.
- Lower female labour force participation (especially in full-time work).
- The general growth in part-time work, including for men.
Please see Greg’s full column, “Australia’s 4% unemployment in isolation hides what’s really going on in the labour market,” in The Guardian Australia.
Between the Lines Newsletter
The biggest stories and the best analysis from the team at the Australia Institute, delivered to your inbox every fortnight.
You might also like
“Right to Disconnect” Essential as Devices Intrude Into Workers’ Lives
Australia’s Parliament is set to pass a new set of reforms to the Fair Work Act and other labour laws, that would enshrine certain protections for workers against being contacted or ordered to perform work outside of normal working hours. This “Right to Disconnect” is an important step in limiting the steady encroachment of work
We Cannot Truly Value ‘Care’ Until Workers Using Digital Labour Platforms Get Fair Pay and Conditions
Unless minimum employment standards for care and support workers using digital labour platforms are guaranteed, decades of slow progress towards proper recognition of care work and equal pay for women could be undone.
More loopholes to close on insecure work … and a new right to disconnect from work
Late yesterday the final part 2 of the government’s Closing Loopholes industrial relations bill was passed by the Senate.