Connect with us
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
previous arrow
next arrow

Business News

Australian unemployment dropped in March as part-time jobs surged; but this caused an increase in under-employment

Published

on

Australian unemployment
Advertisements
MadeComfy

Australian unemployment dropped in March as part-time jobs surged; but this caused an increase in under-employment

 

In March 2024, ‘real’ Australian unemployment dropped 78,000 to 1,358,000 (down 0.5% to 8.7% of the workforce) as employment reached an all-time high of over 14.2 million.

However, the composition of the workforce changed – part-time employment surged 295,000 (up 6.1%) to 5,164,000 (a new record high). Unfortunately, there was a substantial decrease in full-time employment, down 256,000 (down 2.7%) to 9,103,000 as the composition of the employment market changed significantly.

The rise in part-time employment was correlated to the increase in under-employment, up 75,000 to 1576,000 (10.1%, up 0.5%). In total a massive 2.93 million Australians (18.8%, unchanged) were unemployed or under-employed in March.

The March Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross section of people aged 14+. A person is classified as unemployed if they are looking for work, no matter when. The ‘real’ unemployment rate is presented as a percentage of the workforce (employed & unemployed).

  • Employment reaches new record high of over 14.2 million in March:

Australian employment increased 39,000 to 14,267,000 in March. Part-time employment drove the increase, up 295,000 (up 6.1%) to a new record high of 5,164,000 while full-time employment dropped 256,000 (down 2.7%) to 9,103,000.

  • Australian Unemployment dropped in March with 78,000 fewer looking for work:

In March 1,358,000 Australians were unemployed (8.7% of the workforce, down 0.5%), a decrease of 78,000 from February driven by fewer people looking for part-time work. There were 763,000 (down 70,000) looking for part-time work and 595,000 (down 8,000) looking for full-time work.

  • Overall unemployment and under-employment was unchanged in March at 18.8%:

In addition to the unemployed, a further 1.58 million Australians (10.1% of the workforce) were under-employed, i.e. working part-time but looking for more work, up 75,000 from February. In total 2.93 million Australians (18.8% of the workforce) were either unemployed or under-employed in March.

  • Comparisons with a year ago show rapidly increasing workforce driving employment growth:

The workforce in March was 15,625,000 (down 39,000 from February, but up a massive 641,000 from a year ago) – comprised of 14,267,000 employed Australians (up 39,000 from a month ago) and 1,358,000 unemployed Australians looking for work (down 78,000).

Although unemployment and under-employment remain high at 2.93 million, there has been a surge in employment over the last year – up by 693,000 to a new record high of 14,267,000.

Australian unemployment

Roy Morgan Unemployment & Under-employment (2019-2024)
Source: Roy Morgan Single Source January 2019 – March 2024. Average monthly interviews 5,000.
Note: Roy Morgan unemployment estimates are actual data while the ABS estimates are seasonally adjusted.

Compared to four years ago in early March 2020, in March 2024 there were almost 800,000 more Australians either unemployed or under-employed (+3.2% points) even though overall employment (14,267,000) is almost 1.4 million higher than it was pre-COVID-19 (12,872,000).

ABS Comparison

Roy Morgan’s unemployment figure of 8.7% is more than double the ABS estimate of 3.7% for February but is approaching the combined ABS unemployment and under-employment figure of 10.3%.

The latest monthly figures from the ABS indicate that the people working fewer hours in February 2024 due to illness, injury or sick leave was 521,700. This is around 140,000 higher than the pre-pandemic average of the five years to February 2019 (382,100) – a difference of 139,600.

If this higher than pre-pandemic average of workers (139,600) is added to the combined ABS unemployment and under-employment figure of 1,533,000 we find a total of 1,673,600 people could be considered unemployed or under-employed, equivalent to 11.3% of the workforce.

 

For more business news, click here.

Advertisements
Tenterfield-The Bowlo

Business News

Workforce barriers tripping up young Australians and how to overcome them

Published

on

By

Workforce barriers
Advertisements
MadeComfy

Workforce barriers tripping up young Australians and how to overcome them

 

Only half of young people feel confident in achieving their current or future career aspirations due to workforce barriers, new research has found.

This, coupled with a youth unemployment rate of 9.7% as of May 20242, underscores the critical need for targeted support and resources to equip young individuals with the foundational skills essential for navigating today’s complex job market.

For young people, particularly those from marginalised groups like Indigenous youth and women, there are additional barriers that exacerbate the challenge in securing employment and advancing careers including things like systemic inequities, limited access to quality education and training as well as pervasive social biases.

For example, recent studies have shown that 37% of women working in predominantly male environments report experiencing gender-based competence challenges3.

Employment services provider atWork Australia is addressing these challenges head-on by spotlighting the empowerment of young talent in preparation for World Youth Skills Day on 15 July, providing comprehensive support to young individuals, ensuring they have the necessary skills and assistance to confidently enter the workforce.

Over the last year, atWork Australia has supported over 7,300 young people (aged 25 years or younger) on their individual employment journey across metropolitan and regional Australia. Trends show that hospitality, warehousing and retail are the most appealing industries for young people to seek out. atWork Australia celebrates and applauds youth transition to all industries as each individual embarks on their employment and career journey.

One inspiring example is atWork Australia client, 18-year-old Yasmine, a determined Indigenous young woman from Mount Druitt, New South Wales. Through atWork Australia’s guidance, Yasmine defied odds and successfully entered the traditionally male-dominated mechanical industry.

Yasmine’s journey, starting from when she left school in Year 10, it reflects her resilience in overcoming significant challenges. Initial barriers included securing additional work hours and attending appointments due to financial constraints. Yasmine found crucial support from atWork Australia for emotional, mental and educational barriers as well as practical needs like food vouchers and travel costs4.

“atWork Australia has been a tremendous support for me,” Yasmine shared. “They kept me informed about job opportunities and reached out to discuss potential roles. It was empowering to be able to communicate my interests and preferences directly to them.”

Navigating her way through interviews and her initial week on the job, Yasmine benefitted from the guidance of atWork Australia’s Indigenous Connections team, who provided essential mentorship and support.

Despite encountering scepticism and doubts as a woman in a male-dominated field, Yasmine persevered, impressing her colleagues with her skills and determination.

“At 18, there were moments of self-doubt, especially being an 18-year-old female in this industry, but with atWork Australia’s unwavering support, I gained confidence and pushed through,” Yasmine reflected.

atWork Australia will continue to assist Yasmine until she feels fully settled in her new role and is committed to supporting her journey towards achieving her long-term goal of saving for a house deposit.

Yasmine’s story exemplifies the transformative impact of tailored support and mentorship in empowering young individuals to thrive in challenging environments.

atWork Australia is dedicated to providing comprehensive support to young individuals, ensuring they have the necessary skills and assistance to confidently enter the workforce.

To find out more about atWork Australia’s support services, please visit: www.atworkaustralia.com.au. Additionally, you can listen to any of the podcasts from the ‘Candid Conversations with Shaun Pianta’ podcast series here where atWork Australia Brand Ambassador and Paralympian, Shaun Pianta, speaks about his employment journey, following a life-changing holiday.

 

For more business news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Business News

Scrap Metal Company and Directors Fined for Mass Limit Breaches

Published

on

By

Scrap Metal Mass Limit Breaches
Advertisements
MadeComfy

Scrap Metal Company and Directors Fined for Mass Limit Breaches

 

A Melbourne-based scrap metal company and its three directors have been fined for failing to manage legal mass limits after an investigation uncovered 69 mass limit breaches over two years.

The National Heavy Vehicle Regulator (NHVR) Safety and Compliance Officers intercepted one of the company’s heavy vehicles in April 2021, discovering it was loaded at 120.42% of the prescribed mass limit.

Subsequent investigations revealed 69 mass limit breaches, including 24 severe risk breaches, defined as loads at 120% or more of the mass limit. The company pleaded guilty to a Category 1 offence under the Heavy Vehicle National Law (HVNL) and was fined $180,000.

The three directors also pleaded guilty to failing to exercise due diligence and ensure transport safety, receiving fines of $8,500, $7,000, and $7,000, respectively.

NHVR Acting Director of Prosecutions Elim Chan emphasised the dangers of overloaded heavy vehicles. “Heavy vehicles loaded beyond their prescribed mass limits pose serious public safety risks by compromising stability, steering, performance, and braking capability,” Ms. Chan said.

She stressed the importance of proper systems and training to ensure compliance with the HVNL and protect both drivers and the public.

The NHVR offers online tools and guides to assist with loading requirements. For resources, visit NHVR Loading Guides View the resources.

 For more information on NHVR prosecutions, visit NHVR Prosecutions.

 

For more business news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Business News

In June Australian unemployment dropped to 8.3%; lowest unemployment since September 2022

Published

on

By

June Australian unemployment
Advertisements
MadeComfy

In June Australian unemployment dropped to 8.3%; lowest unemployment since September 2022

 

In June 2024, Australian ‘real’ unemployment dropped 62,000 to 1,307,000 (down 0.4% to 8.3% of the workforce). This is the lowest rate of unemployment for nearly two years since September 2022 although overall employment is virtually unchanged above 14.3 million.

Although unemployment decreased in June as people left the workforce, under-employment increased by a similar amount in the month, up 65,000 to 1,403,000. Taken together overall unemployment and under-employment in June is virtually unchanged at 2.7 million (17.3% of the workforce).

The June Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross section of people aged 14+. A person is classified as unemployed if they are looking for work, no matter when. The ‘real’ unemployment rate is presented as a percentage of the workforce (employed & unemployed).

  • Overall employment reaches virtually unchanged in June near record high above 14.3 million:

Australian employment was virtually unchanged at 14,307,000 (down 3,000) in June. There was a shift to more part-time employment though with 4,941,000 (up 72,000) now employed part-time while full-time employment was down 75,000 to 9,366,000. Increasing part-time employment is often associated with a rise in under-employment – which increased by 65,000 in June.

  • Unemployment decreased for a second straight month in June to its lowest for over a year:

In June 1,307,000 Australians were unemployed (8.3% of the workforce, down 0.4%), a decrease of 62,000 from May and the lowest level of unemployment for over a year since May 2023 (1,258,000). It is also the lowest rate of unemployment for nearly two years since September 2022 (8.1%).

The fall in unemployment was driven by fewer people looking for full-time work, down 131,000 to 469,000 while there was an increase in those looking for part-time work, up 69,000 to 834,000.

  • Overall unemployment and under-employment was virtually unchanged at 17.3% in June:

In addition to the unemployed, a further 1.4 million Australians (9% of the workforce) were under-employed, i.e. working part-time but looking for more work, up 65,000 from May. In total 2.7 million Australians (17.3% of the workforce) were either unemployed or under-employed in June.

  • Comparisons with a year ago show rapidly increasing workforce is driving employment growth:

The workforce in June was 15,610,000 (down 65,000 from May, but up 404,000 from a year ago) – comprised of a near record high 14,307,000 employed Australians (virtually unchanged from a month ago but up a massive 673,000 from a year ago) and 1,303,000 unemployed Australians looking for work (down 62,000 from a month ago and down 269,000 from a year ago).

 

For more business news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

NRTimes Online

Advertisement

KC-Farm-Equipment

National News Australia

Latest News

Verified by MonsterInsights