Daily Bulletin


Money

  • Written by News Feature Team



The recent announcement of the 5.7% unemployment figure offers further evidence that the Australia’s economic outlook may not be as strong as previously thought and while many analysts are optimistic for the future, this coupled with a dollar falling in value will rightly make many nervous.

 

Employment Figures

 

In November, there was a rise of over 39,000 people coming into full time employment with Queensland showing the biggest increase in new full-time workers. This surprised many as expectations had been just half that. The rise in employment from October to December was 0.1% with one senior economist suggesting that it was a direct result of more people seeking employment rather than those being put out of work. In line with this thinking, the participation rate, or the number of people available and able for work, rose from 64.4% in October to 64.6% in December. Interestingly Fintech, IT and Digital enterprises have recently been responsible for leading the way in terms of job creation.

 

Despite the rising figures of unemployment, the good news for Australia is that there are signs of full time jobs are being regularly created and the Australian Reserve Bank have indicated that should it continue, they will keep interest rates on hold until at least February. HSBC CEO Paul Bloxham adds that an improving job market should provide some support to the current sluggish pace of wage growth.

 

Outlook for 2017

 

There is a lot of confidence from economists going into 2017 when it comes to employment and the economy; Justin Smirk Senior Economist for Westpac Group states:

 

'That soft patch as we go into the new year is passing and we should be seeing employment match more what we've been seeing more from the business surveys, which are pointing towards jobs growth of around 1.8 to 2 percent per annum.’

 

There are also high hopes for a wage hike going into the new year to match production and growth, especially in industries based around natural resources. Rising prices in oil, iron-ore and coal should in theory therefore see money trickle down in accordance with efforts from the government and workers being rewarded with higher wages as well as create opportunities for commodity traders. National wage increase has been relatively slow during the past 18 months, slower than in the 3 years prior.

 

Additionally, the Australian real estate bubble looks to be showing no signs of bursting and construction and commercial development projects should also continue in the new year as a main source of job creation throughout the country.

 

Despite Australia’s heightened unemployment levels there does seem to be a lot of hope for the coming months and the coming new year as job production is still showing some very positive signs. The level of unemployment however is likely to negatively impact the dollar and see it slide even further making for some interesting results to be expected from Q4 and a turbulent outlook for 2017.

Writers Wanted

How a university can embed Indigenous knowledge into the curriculum and why it matters

arrow_forward

Do criminals freely decide to commit offences? How the courts decide

arrow_forward

6 Tips to Increase the Resale Value of Your Car

arrow_forward

The Conversation
INTERWEBS DIGITAL AGENCY

Politics

Prime Minister Interview with Kieran Gilbert, Sky News

KIERAN GILBERT: Kieran Gilbert here with you and the Prime Minister joins me. Prime Minister, thanks so much for your time.  PRIME MINISTER: G'day Kieran.  GILBERT: An assumption a vaccine is ...

Daily Bulletin - avatar Daily Bulletin

Did BLM Really Change the US Police Work?

The Black Lives Matter (BLM) movement has proven that the power of the state rests in the hands of the people it governs. Following the death of 46-year-old black American George Floyd in a case of ...

a Guest Writer - avatar a Guest Writer

Scott Morrison: the right man at the right time

Australia is not at war with another nation or ideology in August 2020 but the nation is in conflict. There are serious threats from China and there are many challenges flowing from the pandemic tha...

Greg Rogers - avatar Greg Rogers

Business News

How to Find A company with Tijuana manufacturing

If you have decided to launch a business in Tijuana, there is a need to know about the manufacturing companies. The decision to choose a manufacturing company is not so easy as it looks.   The rig...

News Company - avatar News Company

Tradies are actually getting on well. ServiceSeeking's data surprises

Across the Top 20 Industry Categories for Household Trades and Home Improvement  3 Industries are showing massive growth in jobs listed: Rubbish Removal, Carpet Cleaning, and Door Installation 4...

Jeremy Levitt - avatar Jeremy Levitt

Why Use Spill Containment Pallets

Oils, liquids and chemical leaks as well as spills are risky. If your business involves moving, receiving, and storing drums containing oils or chemicals, there’s a high risk of accidents and in...

News Company - avatar News Company



News Co Media Group

Content & Technology Connecting Global Audiences

More Information - Less Opinion