JOB CREATION – AUSTRALIA

Labor using population surge for jobs spin

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Original article by Geoff Chambers
The Australian – Page: 2 : 10-Apr-24

The federal government recently claimed that it has created about 790,000 new jobs since it won the May 2022 election. This is an average of 1,220 jobs per day, which Labor says is the highest of any government. However, shadow treasurer Angus Taylor contends that the growth in jobs merely reflects the fact that Australia’s adult population has increased by more than one million people since Labor took office, which is equivalent to an average of 1,369 per day. He adds that immigration is the only thing keeping the economy going at present. Taylor also notes that nearly one million people are now working a ­second or third job due to the cost-of-living crisis.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Red-hot jobs market to push RBA harder on rates

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Original article by Michael Roddan, Cecile Lefort, David Marin-Guzman
The Australian Financial Review – Page: 1 & 8 : 17-Jun-22

The latest labour force data has heightened expectations that the Reserve Bank of Australia will continue to aggressively tighten monetary policy. Data from the Australian Bureau of Statistics shows that the economy added about 60,000 jobs in May, well above market expectations of 25,000. The official unemployment rate was steady at 3.9 per cent, and the underemployment rate was down 0.4 percentage points to 5.7 per cent. There is now widespread consensus among economists that the RBA will increase the cash rate by 50 basis points in July, and some economists anticipate that this will be followed by 50 basis point rises in both August and September.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS

Reform to offset slump in mine jobs

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Original article by Joe Kelly
The Australian – Page: 6 : 29-Jun-20

The Australian Mines & Metals Association has warned that the coronavirus pandemic could result in the loss of between 24,000 and 48,000 jobs in the resources and energy sector in the absence of any new projects. AMMA CEO Steve Knott argues that this would be offset by $250bn worth of proposed projects in the sector that would create 100,000 jobs by 2026. However, he says the federal government’s industrial relations working group on greenfields agreements must secure backing for a proposal to allow new workplace deals to cover the entire construction phase of new projects. Members of the working group met for the first time on 26 June.

CORPORATES
AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED)

Jobs surge slashes RBA rate cut odds

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Original article by Sarah Turner
The Australian Financial Review – Page: 2 : 20-Dec-19

The financial market’s expectations of an official interest rate cut in February have been reduced from 56.8 per cent to just 45.2 per cent, following the release of the latest jobs data. The Australian Bureau of Statistics has reported that 39,900 jobs were created in November, well above economists’ forecasts of 15,000. The unemployment rate eased from 5.3 per cent to 5.2 per cent, with 4,200 full-time and 35,700 part-time jobs being created during the month. The participation rate was steady at 66 per cent.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY

Rate cuts to go on despite jobless drop

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Original article by Michael Roddan
The Australian Financial Review – Page: 2 : 18-Oct-19

Official data shows that Australia’s unemployment rate fell from 5.3 per cent to 5.2 per cent in September, after the participation rate eased to 66.1 per cent. The economy added 14,700 jobs during the month, with a 26,200-strong increase in full-time jobs being offset by the loss of 11,400 part-time positions. Westpac economist Simon Murray expects the small fall in the jobless rate to be temporary, adding that it will give the Reserve Bank more time to assess the state of the economy before taking any further action on interest rates. The official underemployment rate is currently 8.3 per cent.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS

Unemployment rate needs to be 4pc to get wages up: Labor

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Original article by Matthew Cranston
The Australian Financial Review – Page: 12 : 28-Jun-19

Shadow assistant treasurer Andrew Leigh will use a speech on 28 June to argue the case for Australia’s full employment target to be lowered. The Reserve Bank of Australia has downwardly revised its estimate of full employment from 5.5 per cent to 4.5 per cent over the last few years, but Leigh will suggest that an employment rate of four per cent is "eminently achievable". He will state that this would result in an extra 160,000 Australians being employed. He says that creating jobs is the best way to boost wages growth.

CORPORATES
AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS

Public service growth hurting the economy

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Original article by Adam Creighton
The Australian – Page: 2 : 26-Jun-19

The Commonwealth Bank of Australia has released a report which shows that the public sector accounted for 85 per cent of jobs that were created in the year to May 2019. CBA economist Gareth Aird notes that a rise in public sector employment tends to result in a short-term increase in demand in the economy, but it does little to boost productivity. Aird adds that the non-productive nature of most public sector work is a key reason why GDP growth is slowing while jobs growth is strong.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA

Jobs up, jobless up, pose RBA dilemma

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Original article by Matthew Cranston, Sarah Turner
The Australian Financial Review – Page: 3 : 17-May-19

Official figures show that the Australian economy added a higher-than-expected 28,400 jobs in April, with a net gain of 34,700 part-time jobs offsetting the loss of 6,300 full-time positions. The unemployment rate increased to 5.2 per cent, while the labour force participation rate rose from 65.7 per cent to a record 65.8 per cent. Meanwhile, the underemployment rate rose to 8.3 per cent and the underutilisation rate rose to 13.7 per cent. Shane Oliver of AMP Capital expects the Reserve Bank to reduce official interest rates in June.

CORPORATES
AMP CAPITAL INVESTORS LIMITED, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS, JP MORGAN AUSTRALIA LIMITED, LENDLEASE GROUP – ASX LLC

Jobless fall gives RBA breathing room

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Original article by Matthew Cranston
The Australian Financial Review – Page: 10 : 22-Mar-19

Australia’s official unemployment rate fell from five per cent to 4.9 per cent in February, with a net gain of 4,600 jobs for the month. The economy shed 7,300 full-time jobs in February, although this was offset by the creation of 11,900 part-time positions. The participation rate and the underutilisation rate both eased slightly, to 65.6 per cent and 13.1 per cent respectively. Economists say the unemployment rate’s fall to an eight-year low will reduce pressure on the Reserve Bank to cut official interest rates.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, HSBC AUSTRALIA HOLDINGS PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, SEEK LIMITED – ASX SEK

PM pledges more jobs, no debt

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 29-Jan-19

Prime Minister Scott Morrison will use a speech in Brisbane on 29 January to commit the Coalition to creating an additional 1.25 million jobs over five years if it wins the 2019 federal election. He will note that the Coalition has created more than 1.2 million jobs since it won the 2013 election. Morrison will also indicate that his government will aim to clear Australia’s net debt within a decade. It currently stands at $351.9bn, or 18.2 per cent of GDP. The mid-year Budget update had forecast that net debt will fall to 1.5 per cent of GDP in 2028-29.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA