Australia – weak employment growth, rising unemployment – need for policy shift

The latest labour force data released today by the Australian Bureau of Statistics – Labour Force data – for December 2016 shows total employment barely increased and the ABS said the trend to part-time work remains. Over the last 12 months, Australia has lost 34 thousand full-time jobs (in net terms) and added only 91.5 thousand overall. This status as the nation of part-time employment growth carries many attendant negative consequences – poor income growth, precarious work, lack of skill development etc. The teenage labour market remains in a poor state and went backwards in December. It requires urgent policy intervention. Overall, with weak private investment now on-going and real GDP contracting (in the September-quarter), the Australian labour market is weak and there needs to be a policy shift. It is clear that the current policy position adopted by the Federal government is not sufficient to redress the inadequate non-government spending growth.

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