Unemployment in Australia

Unemployment in Australia

Unemployment happens for a mixture of reasons. It is not only hard on the people themselves but also it causes financial adversity for our government and economy. The government has tactics to approaching the costs of unemployment in Australia.

Unemployment refers to those people who are willing and able to work, actively seeking work but are unable to find employment. Australia's current rate of unemployment is 6 per cent compared to our country's high of 11 per cent in 1992. In the last four economic cycles low point unemployment rates have been 4.6 per cent (June 1976), 5.5 per cent (June 1981), 5.6 per cent (November 1989) and then 6.0 percent in September 2000.

There are a number of types of unemployment. These are cyclical, structural, frictional and seasonal unemployment. Cyclical unemployment takes place as a consequence of slowing down in the level of economic movement, which fluctuates in cycles.

Punch cartoon (1907); illustrates the unpopularity...

Unemployment Insurance Announcement

unemployment

When business movement increases, cyclical unemployment decreases. For example, when we consume less business, we have too much labor employed and must reduce the amount of people. Structural unemployment results from a variance between available jobs and the skills held by the unemployed. If job seekers are deficient of education or training needed to fill job openings, it structurally changes the economy. Frictional unemployment occurs when employees changing jobs and have difficulty finding new job, having already left the other job. This will always be expected, as people will always be changing jobs. Seasonal unemployment varies according to seasons. Some will only be required for certain seasons (e.g. Lifeguards- summer, ski instructors- winter).

As an individual unemployment affects us in that we lose our prior income and can no longer afford the same value of goods and services previously experienced. People whom are unemployed my...