The Australian economy was blindsided last week by reports that unemployment had jumped to its highest levels in more than a decade. This comes hot on the heels of the Abbott Government’s announcement of several high-profile budgetary changes to areas such as welfare, income support and taxation. The sharp spike in numbers has critics and pundits wondering if the economy will fare better under a Liberal Government.

Recently released figures revealed that the unemployment rate rose from 6 percent to the seasonally adjusted figure of 6.4 percent. This .4 percent increase elevates the figure to its highest point since 2002 (also under John Howard’s Liberal Government). According to the statistics, 14,500 full time jobs were added to the pool, but a comparable number of part time jobs vanished in the ether. For the first time since 2007, Australia has greater unemployment rate than the USA, a figure that has the nation on edge.

For ordinary working Australians, the news is just more of the same. Industry stalwarts and former giants of manufacturing have been edging closer to extinction, while workers are bearing the brunt of severe cutbacks and restructuring. The Federal Government is making matters worse by tightening the belt and refusing to support those traditional welfare mechanisms that have helped make our great society. All in all, the Australian workforce is enduring a period of radical uncertainty and the sly, subtle redefining of social values previously thought to be rock-solid.

But, according to industry insiders and experts, the spike is attributable to a change in the methodology employed by the Australian Bureau of Statistics (the ABS has noted the change, but denies it is responsible for the entirety of the jump). Other sceptics state that the public shouldn’t be worried about the figures until they are confirmed by this month’s economic report. The Australian public will no doubt be waiting on those results with abated breath.

This article was brought to you by Lucidity BC, providing unique and effective business consulting services to Perth business owners of all distinctions. For the best advice, call Lucidity Business Consultants today!

About The Author

Someone you can depend on to respect you and care for your dog. Let me help you give your dog the life it deserves.