Australia’s Unemployment Rate Tipped to Rise

Monday, October 21st, 2013
liked this article
Autodesk – 300 X 250 (expire December 31)
Australian Umployment Rate
FavoriteLoadingsave article

Australia’s unemployment rate is set to rise to around six per cent by early 2014, according to research into the state of the jobs market.

According to the Clarius Skills Indicator, which tracks the availability of skilled labour, there was oversupply of 134,000 jobseekers in September, meaning there were more people seeking jobs than positions to be filled.

The indicator found the oversupply of workers extended to most industries, including the engineering sector which has been hit by a slowdown in mining investment.

Clarius chief executive Kym Quick said the research indicated unemployment was set to continue to rise over the next few months, hitting a peak of around six per cent in March next year.

The unemployment rate was 5.6 per cent in September, according to figures from the Australian Bureau of Statistics.

Ms Quick said businesses were feeling more optimistic since the election of the Abbott government in September, but it would take several months for the benefit to flow through to the workforce.

“We’re seeing more buoyant business sentiment since the change in government with reports that many projects that had been shelved in recent years will be revisited in the new year,” Ms Quick said.

“From a workforce perspective however this forward momentum won’t translate to real labour demand until the middle of 2014 due to the lag between project intention, planning and reality.”

FavoriteLoadingsave article


 characters available
*Please refer to our comment policy before submitting