Employment rate falls to 5.5% in Australia
The article discusses the improved state of unemployment in Australia and the rebound in the labour market. According to the official figures , “Australia is now within half a per cent of the floor of the so-called “natural rate of unemployment”. However , “Despite the rise in working hours , hours worked per capita is at levels not seen since the mid-1990s”, emphasises the growth in part-time employment and record high levels of Underemployment .
Topics covered are Unemployment, Natural rate of Unemployment , causes and consequences of Structural , Cyclical Unemployment and under unemployment. Explain with the National output and Labor Market diagrams.
Evaluation will include effect of Demand side and Supply side policies including Government support and Social security expenditure in tackling unemployment, Underemployment and labor markets in short term and long term.