Unemployment Of The Australian Economy - 1077 Words

In the Australian economy, trending unemployment rates are a prevailing socio-economic issue. With the labour market central to unemployment and the distribution of jobs, many factors arise as the key influences on unemployment. With an incredible number of industries facing high demand by consumers, it is speculated that employment would feature an increase to compensate. However, many factors of the labour market contradict this and instead increase unemployment. Factors such as the level of economic growth, technological changes, trends in productivity and the trends in inadequate education have adverse effects on how unemployment increases and decreases. Unemployment Overview Unemployment in the Australian economy is defined as the state of involuntary idleness of work, and the rate of such. An extremely complex, it is often segregated into four key demographics for analysis: national, state, youth and mature. Each of these four demographics feature varying trends and are consistently affected by different factors of the labour market. Causes of Unemployment The trend in unemployment within the Australian economy has swayed significantly in the past 30 years. As of current, the national unemployment rate has been established at 5.8%, after an unexpected downturn from 6% in February of 2016 (â€Å"Australia Unemployment Rate | 1978-2016). Over the past 30 years, the trend of national unemployment has been a downward drop, steadily moving from an approximate 8.2% in 1976 toShow MoreRelatedYouth Unemployment And Its Impact On The Australian Youth Economy Essay1256 Words   |  6 PagesIntroduction Youth unemployment has been a constant problem in Australia for decades. 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Another economic issue is that of unemployment, which consists of situation where individuals desire to work, but are unable to find a job, and as such, labour resources within the economy are underutilised. A person is classified as unemployed if they are aged 15 years or older, and are actively seeking work however unable to obtain it. The rate of unemployment is currently at 5.7% (May 2016). The use of macroeconomic policy has assisted Australia