Real unemployment & under-employment above 2.3 million

Original article by Roy Morgan
Market Research Update – Page: Online : 14-Nov-19

The latest data for the Roy Morgan employment series shows that 12,714,000 Australians were employed in October 2019, up 520,000 over the past year. The rise in employment was driven by a significant increase in full-time employment of 695,000 over the last year (to 8,582,000); however, part-time employment has declined by 175,000 over the past year (to 4,132,000). The figures also show that 1,075,000 Australians (7.8% of the workforce) were unemployed in October, down 190,000 on a year ago, and the unemployment rate was down 1.6%. An additional 1,232,000 Australians (8.9% of the workforce) were under-employed, working part-time and looking for more work, a decrease of 10,000 in a year (down 0.3%). In total, 2,307,000 Australians (16.7% of the workforce) were either unemployed or under-employed in October, down 200,000 on a year ago. Roy Morgan’s real unemployment figure of 7.8% is higher than the current ABS estimate for September 2019 of 5.2%, although the gap between the two measures is the closest it has been since September 2015. Roy Morgan CEO Michele Levine says the best way to reduce the high level of labour under-utilisation, now stuck at over 2 million for over four years, is to provide a healthy and strong economy that encourages businesses to invest in growing their human capital by hiring new workers.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Rate cuts to go on despite jobless drop

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

Low rates to push older people into casual work

Original article by Robert Gottliebsen
The Australian – Page: 25 : 25-Sep-19

Record low interest rates are having a direct impact on the Australian labour market, by forcing older people to delay retirement and remain in full-time work for longer than they had intended. This is in turn reducing the employment opportunities for younger Australians, forcing many of them to take up casual roles or jobs in the ‘gig’ economy. Economist Callam Pickering notes that the proportion of younger workers who are underemployed has increased from about 11 per cent in 2008 to nearly 18 per cent. The trend for older people to continue working full-time is also dampening wages growth, as their priority is continuity of income rather than pay rises.

CORPORATES
RESERVE BANK OF AUSTRALIA

Discrimination rise feeds gender pay gap

Original article by Ewin Hannan
The Australian – Page: 5 : 22-Aug-19

Research by KPMG has concluded that discrimination against women accounts for 39 per cent of the gender pay gap. The research also found that although women are just as likely as their male colleagues to ask for a pay rise, women are much less likely to actually receive an increase. Workplace Gender Equality Agency director Libby Lyons says addressing the gender pay gap requires action on the issue of "ingrained" gender stereotypes.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIA. WORKPLACE GENDER EQUALITY AGENCY, GLASSDOOR INCORPORATED

Skills crisis at critical level: CEOs

Original article by Ewin Hannan, Sascha O’Sullivan
The Australian – Page: 1 & 4 : 8-Aug-19

Australian Industry Group CEO Innes Willox has urged the federal government to take action to address the nation’s skilled labour shortage. Willox says the situation is particularly urgent given the number of major infrastructure projects that will be undertaken in coming years. He has written to Prime Minister Scott Morrison arguing the need for a national approach to the issue, noting that the number of people undertaking apprenticeship and traineeship programs fell to 259,385 in 2018, compared with 446,000 in 2012.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS

Job snobs leave bosses in the lurch

Original article by Geoff Chambers
The Australian – Page: 1 & 2 : 5-Aug-19

Almost 60 per cent of businesses looking for lower-skilled roles are finding it hard to find new staff, while almost 50 per cent are finding it hard in general to recruit new employees. This is according to research by the Department of Employment, which found amongst other things that many potential employees were disinterested in the job, lacked personal presentation skills or submitted applications that were of poor quality. Australian Chamber of Commerce & Industry CEO James Pearson says the survey demonstrates that action is needed to address the problem of prospective employees who are not job-ready.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Women earning more, but have the stress to match

Original article by Rebecca Urban, Victoria Laurie
The Australian – Page: 5 : 30-Jul-19

The proportion of women in employment rose to 71 per cent in 2017, which is the highest level since the Household, Income and Labour Dynamics in Australia survey began in 2001. The survey also shows that 39 per cent of women in the workforce have full-time jobs, and their average salary has increased by 24 per cent since 2001. In contrast, the average salary of full-time male employees has risen by 21 per cent. Meanwhile, the average work-family conflict score for working mothers has risen since 2001, while there has been a slight fall in the average score for working fathers.

CORPORATES

Job data puts rate cut expectations on hold

Original article by David Rogers
The Australian – Page: 27 : 19-Jul-19

The chances of an interest rate cut in August have lengthened following the release of data showing that Australia’s official unemployment rate was steady at 5.2 per cent in June. Analysis by Westpac suggests that financial markets are pricing in a 15 per cent chance of a rate cut in August, although the Reserve Bank is still widely tipped to ease monetary policy by the end of the year. The jobless rate rose from 5.19 per cent to 5.24 per cent in unrounded terms in June, while the underemployment rate fell to 8.2 per cent.

CORPORATES
RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, AMP CAPITAL INVESTORS LIMITED

RBA flags another rate cut if jobs market deteriorates

Original article by David Rogers
The Australian – Page: 2 : 17-Jul-19

The Reserve Bank of Australia indicated in the minutes of its monthly board meeting that there is likely to be spare capacity in the labour market for some time, while jobs growth is likely to ‘moderate’. Labour market data for June will be released on 18 July, and the official unemployment rate is expected to be steady at 5.2 per cent. The employment and inflation outlook is likely to influence the timing of further interest rate cuts; some economists say the RBA may wait to gauge the impact of the cuts in June and July before further easing monetary policy.

CORPORATES
RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, UBS HOLDINGS PTY LTD

Real unemployment at 9.2% in June as tax cuts set to boost economy

Original article by Roy Morgan
Market Research Update – Page: Online : 5-Jul-19

The latest data for the Roy Morgan employment series shows that 12,363,000 Australians were employed in June 2019, up 118,000 over the past year. The rise in employment was driven by a significant increase in full-time employment of 479,000 over the last year (to 8,279,000); however, part-time employment has declined by 361,000 (to 4,084,000). The figures also show that 1,254,000 Australians (9.2% of the workforce) were unemployed in June, up 83,000 on a year ago, and the unemployment rate was up by 0.5%. An additional 1,275,000 Australians (9.4% of the workforce) were under-employed, working part-time and looking for more work, a decrease of 27,000 in a year (down 0.3%). In total, 2,529,000 Australians (18.6% of the workforce) were either unemployed or under-employed in June, an increase of 56,000 in a year (up 0.2%). Roy Morgan’s real unemployment figure of 9.2% for June is significantly higher than the current ABS estimate for May 2019 of 5.2%. Roy Morgan CEO Michele Levine says many commentators are expressing concern about the state of the Australian economy; however, with significant income tax cuts being legislated by the new Government and back-to-back interest rate cuts by the RBA in June and July, there is an increasing amount of stimulus in the Australian economy to support businesses and therefore increase employment opportunities.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS