Peter Martin, Crawford School of Public Policy, Australian National University
India is now the third-largest birthplace of Australian residents behind Australia and England, while for the first time less than half of the population has identified as Christian.
The concept of unemployment and an unemployment rate is fairly new, dating back to the end of the second world war. It’s increasingly unfit for purpose.
The share of the population in work has hit an all-time high as the share of the workforce underemployed has hit a 14-year low. The fresh low in unemployment will bring higher interest rates, and perhaps higher wages.
Peter Martin, Crawford School of Public Policy, Australian National University
Why raise rates now, for the first time in more than a decade? If the Reserve Bank isn’t careful, too many more rate hikes like this might help bring on a recession.
You might be surprised to know that many unemployed Australians are not on unemployment benefits. And then came COVID – which saw a big shift in how many people were able and willing to claim.
Even the government’s pledge of 1.3 million extra jobs might not be enough to keep unemployment below 4%. The pledge ought to be the unemployment rate itself.
Peter Martin, Crawford School of Public Policy, Australian National University
While everyone’s talking about Anthony Albanese’s campaign stumble, the more extraordinary thing is that unemployment is actually set to fall below 4%. A 60-year low of 3% is now within sight.
Away from the states bouncing out of lockdown, spending growth was weak. The next figures, to be released after the election, might show the economy turning down.
The drop in Australia’s unemployment rate in August is not a sign of improving labour market conditions. Instead it shows many gave up on looking for a job.
Australia’s first ‘land account’ is a great example of the nation’s environmental policy culture: we develop or adopt good ideas, but then tinker with, or even discard them.
The Australian Bureau of Statistics is doing what it can to push back against lobby groups’ over-inflated claims of job creation — but it can’t stop people misusing its figures.