LABOR MARKET – AUSTRALIA

Wage growth going backwards

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 4 : 7-Sep-17

National accounts data shows that 240,000 jobs were created in Australia during the year to June 2017. However, the figures also show that wages grew by just 0.7 per cent in the June quarter and 2.1 per cent year-on-year. Likewise, annual growth in compensation per hour is at its lowest level in almost 25 years, at negative 0.3 per cent in the June quarter. Reserve Bank of Australia governor Philip Lowe recently forecast that growth in wages in some sectors will eventually be extended to the broader economy, but the national accounts data suggests that this is not yet occurring.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA, CAPITAL ECONOMICS LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Mining-state revival drives ‘best job growth in 40 years’

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Original article by David Uren
The Australian – Page: 2 : 18-Aug-17

Data from the Australian Bureau of Statistics shows that 202,000 jobs have been created so far in 2017, including 153,000 full-time jobs. Some 27,900 jobs were created during July, with the official unemployment rate easing to 5.6 per cent and the labour force participation rate rising to a new high of 77.4 per cent. The major mining states of Western Australia and Queensland have recorded jobs growth of 35,400 and 70,900 respectively in the year to date. Meanwhile, the average full-time wage has risen to $A80,250, according to separate data from the ABS.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, SEEK LIMITED – ASX SEK

Lowe may sit on rates two years into his term

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Original article by Vesna Poljak
The Australian Financial Review – Page: 21 : 14-Aug-17

Economists polled by Bloomberg expect Australia’s official unemployment rate to have remained at 5.6 per cent in July 2017, with about 20,000 jobs created during the month. The latest jobs and wage price index data are among the key indicators to be released in the week beginning 14 August. Meanwhile, Vimal Gor of BT Investment Management expects official interest rates to remain on hold in 2018, citing factors such as low wages growth and the growing gap between business and consumer confidence.

CORPORATES
BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, RESERVE BANK OF AUSTRALIA

Australia’s real unemployment is 9.4% in July; down 1.1% from a year ago

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 7-Aug-17

A Roy Morgan survey shows that 11,854,000 Australians were employed in July 2017, a substantial increase of 212,000 over the past year (with just under 20,000 jobs added per month). A total of 1.236 million Australians were unemployed in July (9.4% of the workforce). This is down 129,000 (1.1%) from a year ago. An additional 1.226 million Australians (9.4%) were under-employed (looking for work or looking for more work), which is up 55,000 (0.4%). A total of 2.462 million Australians (or 18.8%) were unemployed or under-employed in July. The Roy Morgan real unemployment figures are substantially higher than the current ABS estimate for June 2017 (5.6%). Roy Morgan Research executive chairman Gary Morgan says that finding work for the 2.462 million Australians who are unemployed or under-employed is the Government’s largest challenge, despite what the media may talk about on a continual basis. This large cohort of Australians looking for new employment opportunities will ultimately judge the Government’s success or otherwise based on whether an improving economy is generating sufficient jobs.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Rising job insecurity myth busted

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 4 : 31-Jul-17

Analysis of labour market data survey suggests that despite unions’ claims to the contrary, job security in Australia seems to be improving. The analysis by the University of Melbourne’s Jeff Borland shows that the proportion of women in particular who have had the same job for more than 10 years has increased since 1982. Meanwhile, the Household, Income and Labour Dynamics in Australia (HILDA) survey data shows that the proportion of workers who are employed via labour hire firms fell from 3.1 per cent to 2.2 per cent between 2001 and 2015.

CORPORATES
UNIVERSITY OF MELBOURNE, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN LABOR PARTY, ACTU, AUSTRALIAN BUREAU OF STATISTICS

Second jobs growth steady, dispels fears

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Original article by Jacob Greber
The Australian Financial Review – Page: 6 : 26-Jul-17

Data from the Australian Bureau of Statistics shows that the overall proportion of workers who have more than one job has remained steady at six per cent since 2010-11. Some 763,200 Australians had a second job in 2015-16, which is 3.7 per cent higher than the previous financial year and 9.2 per cent higher than in 2010-11. The figures are part of the ABS’s new "Labour Account" data, which aims to estimate the actual number of jobs across the economy.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Job surge adds to dollar’s strength

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Original article by David Rogers
The Australian – Page: 30 : 21-Jul-17

The Australian dollar peaked at a two-year high of $US0.7989 in local trading on 20 July, in response to data showing that 62,000 full-time jobs were created in June. The economy added a net 14,000 jobs, due to a sharp fall in part-time positions, and the unemployment rate was steady at 5.6 per cent. Capital Economics’ Katie Hickie says the Reserve Bank is likely to leave official interest rates on hold until at least the end of 2018, arguing that growth in wages will be limited by excess capacity in the labour market.

CORPORATES
CAPITAL ECONOMICS LIMITED, RESERVE BANK OF AUSTRALIA, HSBC AUSTRALIA HOLDINGS PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, EUROPEAN CENTRAL BANK

It’s official: June employment is at a record high of 12,330,000

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 10-Jul-17

A Roy Morgan survey on unemployment and under-employment shows that the total Australian workforce was a record 13,530,000 in June 2017 (up 540,000 in 12 months) and employment grew to a record 12,330,000 (up a large 587,000). The number of Australians who were unemployed and looking for work was 1,200,000 (down 47,000), while 1.445 million were under-employed (10.7% of the workforce). A total of 2.645 million Australians (19.6% of the workforce) were looking for work or looking for more work. Australia’s real unemployment for June was 8.9%, compared with the official Australian Bureau of Statistics figure of 5.5% for May. Roy Morgan Research executive chairman Gary Morgan says June was the 21st straight month more than two million Australians have been looking for work or looking for more work and is a concern ahead of the imminent closure of the Australian automotive manufacturing industry in three months.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Alarm over ruling on casual staff

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 1 & 4 : 6-Jul-17

The Australian Retailers Association has warned that smaller retailers in particular will be hard hit by a ruling that some casual employees will be entitled to become permanent staff after 12 months’ employment. The Fair Work Commission’s ruling applies to casual employees who are covered by 85 industrial awards, although the FWC rejected the ACTU’s push for casual employees to be given working shifts of at least four hours. The FWC will allow employers to refuse to convert casual staff to permanent employees if they have reasonable grounds to do so.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN RETAILERS ASSOCIATION, ACTU, THE AUSTRALIAN INDUSTRY GROUP

Resource states recover to drive jobs growth

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Original article by David Uren
The Australian – Page: 6 : 16-Jun-17

The Australian Bureau of Statistics has reported that 42,000 new jobs were added to the economy in May 2017. Full-time jobs accounted for 80 per cent of the 141,000 new jobs in the past three months. New South Wales added 49,000 new jobs over the past six months, while Victoria added 41,000. Resources states Queensland and Western Australia both recorded improved jobs growth in the past six months. Kristina Clifton of the Commonwealth Bank said the recent good job figures means an interest rate cut is unlikely in the foreseeable future.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA