LABOR MARKET – AUSTRALIA

Named: the big businesses with (very) large gender pay gaps

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Original article by Helen Trinca
The Australian – Page: 1 & 2 : 27-Feb-24

Landmark data from the Workplace Gender Equality Agency shows that the national total median remuneration gender pay gap is 19 per cent across private sector businesses with more than 100 employees. The base salary gap is in turn 14.5 per cent. However, the gender pay gap is more than 50 per cent at 37 companies, while women are paid 40-50 per cent less than their male colleagues at 107 companies. The data shows that Macquarie Group, Telstra and Woodside Energy are among the large companies that have a significant gender pay gap. WGEA CEO Mary Wooldridge says employers ignore gender gaps at their peril, while Minister for Women Katy Gallagher says the gender pay gap costs the economy $51.8bn a year. The WGEA’s gender pay gap data in 2025 will include public sector employers.

CORPORATES
AUSTRALIA. WORKPLACE GENDER EQUALITY AGENCY, MACQUARIE ADVANCED INVESTMENT MANAGEMENT LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, WOODSIDE ENERGY GROUP LIMITED – ASX WDS

Blue-collar workers to bear the brunt of jobs market slowdown

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Original article by Matthew Elmas
The New Daily – Page: Online : 20-Feb-24

Economists have for some time been forecasting that Australia’s labour market is set for a slowdown after several years of strong growth. A report from Deloitte Access Economics has forecast 1.5 per cent growth in white-collar jobs in 2024-25, following estimated growth of 2.5 per cent in 2023-24. Meanwhile, growth in blue-collar jobs is expected to slow to just 0.3 per cent, with industries such as agriculture, manufacturing and wholesaling set to shed jobs. Deloitte Access Economics partner David Rumbens notes that two-thirds of the nation’s jobs growth in 2023 occurred during the first half of the year, while the number of job vacancies has fallen by 14.4 per cent over the last 12 months.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD

Unemployment jumps to two-year high

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Original article by Patrick Commins
The Australian – Page: 5 : 16-Feb-24

Data from the Australian Bureau of Statistics shows that the nation’s official unemployment rate rose to 4.1 per cent in January, up from 3.9 per cent in December. The economy added just 500 jobs in January, and Bjorn Jarvis from the ABS says seasonal factors may have contributed to the larger-than-expected increase in the jobless rate. Treasurer Jim Chalmers says that although the labour market has been weakening, it remains very strong. Capital Economics economist Abhijit Surya in turn says the Reserve Bank is now likely to bring forward the first interest rate cut to around August rather than November.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY, CAPITAL ECONOMICS LIMITED, RESERVE BANK OF AUSTRALIA

Australian unemployment virtually unchanged in January but overall unemployment and under-employment at 3 million (19.3% of workforce)

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Feb-24

In January 2024, Australian ‘real’ unemployment was virtually unchanged at 1,382,000 (8.9% of the workforce), and an additional 1,618,000 (10.4%) were under-employed. In total, 3 million Australians (19.3%) were unemployed or under-employed in January. Although unemployment and under-employment remain high, there has been a surge in employment over the last year – up by 732,000 to 14,150,000. This is the largest annual increase in employment since the end of the COVID-19 pandemic. However, employment dropped 25,000 to 14,150,000 in January. Full-time employment drove the decrease (down 37,000 to 9,205,000), while part-time employment increased 12,000 to 4,945,000. The workforce in January was 15,532,000 (down 7,000 from December, but up 507,000 from a year ago). Roy Morgan’s unemployment figure of 8.9% is more than double the ABS estimate of 3.9% for December, but is comparable with the combined ABS unemployment and under-employment figure of 10.4%. The January Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross section of people aged 14+.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Latest wage growth tops 4pc

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Original article by Ewin Hannan
The Australian – Page: 4 : 30-Jan-24

Analysis of data from the Fair Work Commission shows that workers received an average pay rise of four per cent in enterprise agreements that were lodged in the second half of 2023. ACTU secretary Sally McManus says stronger wage growth in enterprise agreements demonstrates the value of joining a union; however, she adds that more needs to be done to achieve real wage growth during the cost-of-living crisis. Meanwhile, the FWC has released a discussion paper on hybrid working arrangements and employees’ right to disconnect from their workplace outside of designated working hours.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, ACTU

Australian employment increased to over 14.1 million for the first time in December, but under-employment hit a record high of 1.65 million

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Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jan-24

The latest Roy Morgan employment series data shows that the number of Australians who are employed rose by 165,000 to a new record high of 14,175,000 in December 2023. The increase was due to a rise in full-time employment (up 234,000 to a new record high of 9,242,000), while part-time employment was down 69,000 to 4,933,000. Despite surging employment – up by 607,000 compared to a year ago – some 3.02 million Australians (19.4% of the workforce) were unemployed or under-employed in December (down 0.2% from November). Some 1,364,000 Australians were unemployed in December (8.8% of the workforce), a decrease of 141,000 from November (down 0.9%). In addition to the unemployed, a further 1.65 million Australians (up 119,000) were under-employed in December. Roy Morgan’s unemployment figure of 8.8% is more than double the ABS estimate of 3.9% for November, but is comparable with the combined ABS unemployment and under-employment figure of 10.4%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Australian employment increased to over 14 million for the first time in November, but still over 3 million unemployed or under-employed

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Dec-23

The latest Roy Morgan employment series data shows that the number of Australians who are unemployed fell by 37,000 to 1,505,000 (9.7% of the workforce, down 0.2%) in November. Under-employment fell by 45,000 to 1,532,000 (9.9% of the workforce). A total of 3.04 million Australians (19.6% of the workforce) were unemployed or under-employed in November. Meanwhile, employment rose by 51,000 to a new record high of 14,010,000 in November. The increase was due to a rise in part-time employment (up 52,000 to a new record high of 5,002,000), while full-time employment was virtually unchanged at 9,008,000. Roy Morgan’s unemployment figure of 9.7% for November is more than double the ABS estimate of 3.7% for October, but it is almost identical to the combined ABS unemployment and under-employment figure of 10.0%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Over 3 million Australians were either unemployed (1.54 million) or under-employed (1.58 million) in October – highest for three years

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Nov-23

The latest Roy Morgan employment series data shows that the number of Australians who are unemployed fell by 22,000 to 1,542,000 (9.9% of the workforce, down 0.3%) in October. However, underemployment rose by 248,000 to a record high of 1,577,000 (10.2% of the workforce). A total of 3.12 million Australians (20.1% of the workforce) were unemployed or underemployed in October, the highest figure since October 2020. Meanwhile, employment rose by 204,000 to a new record high of 13,959,000 in October. The increase was due to a rise in both full-time employment (up 46,000 to 9,009,000) and a large increase in part-time employment (up 158,000 to a new record high of 4,950,000). Roy Morgan’s unemployment figure of 9.9% for October is almost triple the ABS estimate of 3.6% for September, but it is almost identical to the combined ABS unemployment and under-employment figure of 10.0%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Economists rip into Labor’s white paper

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Original article by John Kehoe
The Australian Financial Review – Page: 3 : 27-Sep-23

The federal government’s employment white paper is continuing to attract scrutiny from economists and the Opposition. Labour economist Mark Wooden says the white paper lacks substantive measures to meet the government’s stated goal of making the economy more "productive, dynamic and competitive". The Centre for Independent Studies’ chief economist Peter Tulip doubts that the government’s policies will reduce the non-accelerating inflation rate of unemployment, adding that Labor’s industrial relations reforms may increase the NAIRU. Shadow treasurer Angus Taylor in turn says the government should focus on policies that result in low inflation and low unemployment.

CORPORATES
THE CENTRE FOR INDEPENDENT STUDIES LIMITED, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Business alarmed at Labor’s work goal

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Original article by Sarah Ison
The Australian – Page: 4 : 26-Sep-23

The federal government has attracted criticism over its employment white paper’s revised definition of ‘full employment’. The government’s goal is for ‘everyone who wants a job to be able to find one without searching for too long’. Treasurer Jim Chalmers say the technical definition of full employment – the non-accelerating inflation rate of unemployment, which is used by the Reserve Bank – is distinct but complementary to the government’s objective. However, Australian Chamber of Commerce & Industry CEO Andrew McKellar contends that having dual definitions for full employment could undermine the RBA’s efforts to restore inflation to its target range. The white paper estimates that about 2.8 million people are either unemployed and looking for work or underemployed and seeking more work.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY