Unemployment in Australia last 5 years Free-Samples for Studetns

Question: Write an Essay on the Topic "Unemployment in Australia last 5 years". Answer: Introduction For this research essay, unemployment is selected as a research topic. Nowadays, unemployment has become a major subject of concern to the world. The situation of unemployment occurs because of the government is powerless to provide job to all the people of a nation. The number of unemployed people is increasing rapidly in most of the nations. The increased unemployment rate influences the economy of the nations in a negative way. Along with this, unemployment rate of a nation plays a major role to evaluate the incidence of unemployment in a proper manner. Moreover, this research essay would be valuable develop a clear understanding and also to improve the knowledge about unemployment. On the other hand, for this research essay the selected country is Australia. This essay would be beneficial to illustrate the unemployment rate, issues, types, government policies, et cetera in the context of Australia. On the whole, this research essay is planned to develop a clear understanding rega rding the concepts of unemployment. Unemployment in Australia The phrase unemployment points towards the people of a nation who are jobless. Such people are also known as job seekers who make all their possible efforts to find appropriate jobs according to their knowledge and skills. Apart from this, unemployment rate represents the percentage of jobless people or the total labor force exists in the economy of a nation. These people do their best to find work in an active manner. Moreover, the unemployment rate of a nation is calculated by dividing the numbers of unemployed people with numbers of available workforce. The circumstances of unemployment occur at what time people are jobless and in search of job (Sloman, Norris and Garrett, 2013). Along with this, at the time of recession, there can be seen an increase in the employment rate of a nation. It is because of it reduces the demand of labor force in the economy of a particular nation. Moreover, business organizations make use of cost-cutting strategies at the time of recession. So, there can be seen an increase in the unemployment rate of a nation. On the other hand, the other fact is that the unemployment rate is fluctuated. It is not constant. It changes according to the market demand and economic situation of a particular nation. The report of ILO (International Labor Organization) designates that, in the year 2012, roughly six percentage of the total labor force of the world was without a job. In addition to this, it is recognized that, the economic condition of Australia is stronger than any other country all around the world. The GDP rate of Australia is increasing continuously. It is a sign of improved economic condition of nation. The improved economic condition plays a major role to reduce the unemployment rate of a particular nation (TRADING ECONOMICS. 2017). Moreover, the below chart is valuable to illustrate the increased GDP rate of Australia: (Source: IECONOMICS. 2017) On the basis of the above graph, a continuous increase can be assumed in the annual GDP rate of Australia. A regular increase in the GDP rate points toward the favorable economic condition of the nation. Moreover, favorable economic condition of nation plays a major role to reduce the unemployment rate of that nation in an effectual and a significant manner (World Bank Group. 2017). In the same manner, there can be seen a decrease in the unemployment rate of the nation in recent years. In other words, it also can be said that, the unemployment rate of Australia has been declined due to the improved economy of the nation. In recent years, the unemployment rate of Australia is lower than the previous years (Janda, 2017). A graph is given below to illustrate the unemployment rate of Australia in an accurate manner: (Source: TRADING ECONOMICS. 2017). On the basis of the above graph, it is clear that, the unemployment rate of Australia was 5.7% in 2016 that is lower than the previous years. In other words, it also can be said that, in 2016, the unemployment rate of Australia has dropped around 5.7 percent; and the current unemployment rate is lower than the past years. The decreased unemployment rate points toward the strongest job growth within the nation. Moreover, according to Australian Bureau of Statistics (ABS), it can be measured an astonish increase in the employment rate of Australia (Australian Government. 2016). On the other hand, according to the report of ABS, the unemployment rate of nation was high in the previous years. There can be seen a regular increase in the unemployment rate of Australia. But, it is decreasing now (ABS. 2017). A table is given below to portray the unemployment rate of nation in an accurate and a proper manner: Year Unemployment Rate 2011 5.0 2012 5.2 2013 5.6 2014 6.0 2015 6.3 2016 5.8 On the basis of the data given in the above table, it can be said that, the unemployment rate of Australia was high in the previous years. The rate was 5.0%, 5.2%, 5.6%, 6.0%, and 6.3% in the year 2011, 2012, 2013, 2014, and 2015 respectively (IndexMundi. 2016). So, there can be seen a regular increase in the unemployment rate of Australia in past years. The increased unemployment rate points towards the unfavorable economic situation of Australia. Moreover, the Australian government is also responsible behind the increased unemployment rate of nation. It is because of the government of nation did not offer jobs to the job seekers or unemployed people within nation. So, they were moving to other nation in search of jobs. As a consequence, the unemployment rate of nation increased quickly and also become a major subject of worry to the government of nation. In view of that, the Australian government decided to provide employment to the unemployment people (ABS. 2017). Consequently, in 2016, there can be seen a decline in the unemployment rate of Australia. The decreased unemployment rate is very good for the economy of nation. The below graph is useful to portray the latest unemployment rate of Australia: (Source: ABC. 2016). Apart from this, it is true that, the unemployment rate of Australia has been reduced in the past years. But, it does not mean that the problem of unemployment has been solved permanently. The below chart is helpful to portray the Australian unemployment percent for the duration 2003-2015. There can be seen a decline in the unemployment percent from period 2003- 2008 (Knox, 2015). Moreover, the unemployment rate of Australia was 4.1% in March 2008. It was the lowest unemployment rate that has never been seen again in this century. (Source: Knox, 2015) In the above graph, it is clear that, the unemployment rate is fluctuated. It has increased after 2008. In 2016, there can be seen a decrease in the Australian unemployment rate. The increased unemployment rate of nation is still a major subject of worry to the nation. In view of that, the Australian government must develop effective plans as well as strategies to generate employment or jobs within nation. These strategies would be able to reduce unemployment rate and also boost the economy of the nation in an effectual and a significant manner (TRADING ECONOMICS. 2017). On the other hand, there are four major types of unemployment. Structural unemployment, cyclical unemployment, frictional unemployment, and seasonal unemployment are the four major types of unemployment that mainly exist in the economy of a nation. The Australian government must understand all these types of unemployment and create jobs or employments accordingly. Structural Unemployment: Structural unemployment is the foremost type of unemployment that may exist in the economy of a nation. This type of unemployment generally occurs when a labor market becomes powerless to provide jobs to all the people who are looking for jobs (Seal and Penrith, 2008). Along with this, structural unemployment takes place because of the differences between the required skills by job provides and skills employees have. Moreover, this type of unemployment focuses on the structural problems and inadequacies that exist in the labor market as well as economy of a nation. Cyclical Unemployment: Cyclical unemployment is the other type of unemployment. This type of unemployment generally occurs when there is an absence of aggregate demand of labor force in the economy of the nation. In this situation, the government of nation cannot provide jobs to all the people who are looking for jobs (Bagusat, Keenan and Sedmak, 2010). Moreover, in the cyclical unemployment, the number of unemployed people will be more than the number of jobs available in the economy of a nation. Frictional Unemployment: This is another type of unemployment that generally occurs in a nation. When a big difference takes place between the employees and employments than it can be considered a type of frictional unemployment in the economy of a nation. Moreover, these differences can be related with skills, attitudes, work time, payments, location, and other major factors linked to an employment (Castaeda, Serrani and Sperotti, 2012). Along with this, frictional unemployment happens due to dissatisfaction among employees with the jobs that they have done earlier. In this situation, workers make all their possible efforts to search jobs and move from one job to another job to get full satisfaction. Seasonal Unemployment: This type of unemployment takes place due to the seasonal business of business firms. Tourism, construction, and farming are the major examples of seasonal business. In this type of unemployment business firms hire labor force according to their needs and market demands. There are lots of business firm those offer seasonal employment to the people who are looking for jobs. Unemployed people can capture opportunities in such type of employment (Sexton, 2015). As a consequence, it can be said that, the above discussed are the major types of unemployment that normally occur in the economy of a nation. The government must consider such types of unemployment to improve the employment level properly. Major Issues Related to Unemployment It is well-known that, unemployment is a serious issue that exists in the economy of nations. Moreover, the increased unemployment rate creates numerous problems in front of nations. For case, increased unemployment rate generally create social and economic problems that are dangerous for the overall growth of nations. The unemployment rate points toward the low income of people; and low income is a symbol of low utilization of money by the people of nation. Moreover, low consumption rate influence the economy of a nation in a negative manner. It is because of the decreased consumption rate indicates that people are unwilling to buy their desired commodities because of a deficiency of money (Engbersen, Schuyt, Timmer and Waarden, 2006). Along with this, the lower consumption rate also influences the supply and demand sides of the marketplace. The main reason behind it is that, people do not have sufficient funds to purchase all their desired products as well as services. In view of t hat, the increased unemployment rate and decreased consumption rate have negative impact on the economic growth of a nation. In addition to this, the increased unemployment rate of nation influences the government spending in a negative way. The main reason behind it is that, in the situation of high unemployment rate, the government cannot collect taxes and other charges from the public; and therefore the government does not have sufficient funds to spend on social welfare and infrastructure of a nation. Along with this, the increased employment rate has a negative impact on the standard of living of people. It is because of they do not have any source of income to raise their standard of living properly (Helpman, Itskhoki and Redding, 2010). As a consequence, the increased unemployment rate creates financial, social, and economic troubles to the people. These financial, social, and economic troubles are hazardous to the development and growth of nations. On the other hand, there are numerous factors that generally generate the situation of unemployment in the economy of nations. For example, big differences between the required skills and skills of people may create the problem of unemployment. These differences occur because of numerous reasons. For case, geographical differences, technological changes, occupational immobility, cultural differences, structural changes in the economy of nations, etc. can be considered major reasons of inconsistency between required skills and the skills that people have (Sakamoto, 2008). As a consequence, it can assume that, unemployment a serious issue that generates numbers issues such as: financial, social, and economic issues in the economy of nations. These issues have numerous negative impacts on the growth, success and development of economy of nations. The Australian Government Policies to Combat with Unemployment In previous years, the increased unemployment rate had become a major subject of concern for the government of Australia. The Australian government made all its possible efforts to reduce the unemployment rate within nation. As a consequence, there can be seen a decrease in the unemployment rate of Australia in 2016. Along with this, the Australian government is making and implementing different strategies as well as policies to reduce the unemployment rate that exists in the economy of nation (Janda, 2017). In other words, it can be assumed that, the Australian government is playing numerous important roles to condense unemployment rate and enhance employment rate in nation. The Australian government is making all its efforts to provide jobs to jobless people. It is also trying to generate job opportunities; so the job seekers may get jobs according to their skills and education. On the other hand, the Australian government has made significant progress in its economic policies and labor welfare policies in the previous years to reduce unemployment rate in an effectual manner. Moreover, the government built constant and well-tuned macroeconomic policies and also developed an innovative atmosphere of entrepreneurialism within nation. It also developed well-functioning as well as competitive markets to generate job opportunities and to provide jobs to the unemployed people (McEachern, 2012). Along with this, the government made changes in the employment arrangements and employment conditions as well. For case, the government developed flexible employment arrangements as well as conditions to endorse productivity at the workplace. With the help of these flexible arrangements, jobless people become able to get jobs according to their preferences. In this way, it can be assumed that, these more flexible arrangements decreased the unemployment rate within nation. It is because of with the help of these arrangements and conditions, more unemployed people become able to get proper work themselves. In addition to this, it is true that, unemployment is mainly problematic for youngsters. It is because of long term unemployment corrodes self-esteem of people. By considering these facts, the Australian government adopted and implements coalition policy to encourage employment within nation. For case, with the help of this coalition policy, the government will provide a job commitment bonus payment to the people who are unemployed and making efforts to find suitable jobs (Australian Government. 2016). Along with this, with the help of these bonuses, youngsters would be motivated and hassle-free as well. According to the Australian government, the coalition policy will be helpful to enhance workforce participation as well as productivity. It is because of this policy is offering incentives to those people who are finding and keeping a job for a long time period. In this way, the coalition policy developed by the government not only decreases the unemployment rate; but boosts the self -esteem of youngsters as well. The coalition policy will also be useful to initiate new measures to help jobseekers with jobs, to enlarge workforce participation and to improve productivity in an effectual and a more comprehensive manner. In the same manner, the Australian government developed numerous effective policies to raise the participation of labor force into vacant jobs. For case, the introduction of the welfare to work package is a major example of such types of policies. These policies play a major role to decrease dependence on the welfare and enlarge incentives to enter the workforce into jobs (Sakamoto, 2008). Along with this, the Australian government and RBA (Reserve Bank of Australia) reduced the interest rates to improve the employment level and wages of employees within nation. It is well-known that high unemployment rate reduces the wages of employees. Therefore, the RBA decided to reduce interest rates to raise employment and wages within nation (Knox, 2015). In this way, it can be said that, the Australian government is trying its best to reduce unemployment rate and create jobs in order to improve the economy of the nation. Conclusion On the premise of the above analysis, it can be concluded that, Australia is facing the problem of unemployment continuous after the year 2008. The unemployment rate of the nation has increased in the last five years. There can be seen a decrease in the unemployment rate in the year 2016. Along with this, it can also be said that, the Australian government is serious towards the problem of unemployment within nation. As a consequence, it is developing effective plans, policies and strategies to reduce the unemployment rate and increase the employment rate in an effectual and an appropriate manner. References ABC. (2016). News. Available At: https://www.abc.net.au/news/2015-12-10/unemployment-rate-drops-jobs-created/7017258 [Accessed On: 23rd April 2017] ABS. (2017). Labour Force, Australia. Available At: https://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0 [Accessed On: 23rd April 2017] Australian Government. (2016). Unemployment benefits and the minimum wage. Available At: https://www.ncoa.gov.au/report/appendix-vol-1/9-11-unemployment-benefits-minimum-wage.html [Accessed On: 23rd April 2017] Bagusat, C., Keenan, W.J.F. and Sedmak, C. (2010). Decent Work and Unemployment. LIT Verlag Mnster. Castaeda, A.S., Serrani, L. and Sperotti, F. (2012). Youth Unemployment and Joblessness: Causes, Consequences, Responses. Australia: Cambridge Scholars Publishing. 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