Describe how Australia’s labour market conditions have changed Part 1. Statistics * In July 2011, the unemployment rate steadied at just fewer than 5% which is seen as an ideal number. * Total job vacancies overall in May 2011 were 186,000, * The number of job vacancies in the private sector was 167,800 in May 2011 * The number of job vacancies in the public sector was 18,200 by May 2011 * July 2011 saw the participation rate at 66% * Employment increased to 11,450,500 in July 2011 * This is a slight rise from June 2011 Part 2: Essay The labour market is one of the most important sectors of an economy. It has a direct impact on our lives because at some stage we will participate in it. Governments
According to the CA Magazine article “Inequality and growth”, it states that the richest of the upper class represent one percent of our population and control over one fifth of our countries earnings, making more than the forty percent of the lower classes earnings combined. According to Ryscavage, this is the largest gap in income between classes since just before the Great Depression in the early 1920’s. (pg.50-54) Marcel Cote, a strategic adviser from Montreal says, “compensation increases awarded to business executives, and salaries paid to top athletes and pop stars, have contributed to inequality at the top end of the income scale.” According to a Pew study released in 2012 listed in the article by Marcel Cote, “wealth inequality has become America’s worst source of tension, causing more distress than race, immigration, age or other social problems.” Some causes of economic inequality are individual behavior within education, technological change/advancements and the pressing issue taxes /welfare. The main question is how does Economic Inequality affect social class? The single most important factor when determining which social class a person will end up in is the amount and quality of education that a person receives; the schools and universities which these people attend.
We want to enjoy being young. G.E Miller of 20 something finance states, “At least 134 countries have laws setting the maximum length of the work week; the U.S. does not”. It seems that’s business in the United States are trying to milk their workers for every last penny. It doesn’t seem too beneficial to work and live in the United States at this point. Not only do Americans work more hours but also they get the least amount of vacation.
There was a bill passed by the United State Senate which increased the minimum wage to $7.25 in 2009. Although the minimum wage has increased, a family of three who earn minimum wage would still fall below the federal poverty level. A full time minimum wage earner, based on a 52 week
With a degree from these types of colleges a graduate usually will make their way into upper echelon of the United States workforce. However, Asian Americans only hold less than two percent of top corporate jobs. The average income of an Asian American in the year of 2009 was approximately $68,780, which is the highest among all race groups. However, the poverty rate of Asians in 2009 was up to 12.5 percent from 10.6 percent in 2007. Researchers, supported by Deloitte, Goldman Sachs, Pfizer and Time Warner, conducted 2,952 surveys of working-aged men and women and gathered qualitative and quantitative data to conclude that many Asian-Americans, whether immigrant or native born, find it hard to "fit in" the upper management ranks.
Discretionary spending is at the discretion of the Congress, where the money can be divided up into however they want. Mandatory spending constitutes 70% of the federal budget while discretionary constitutes the remaining 30%. In comparison to Japan’s budget deficit and government debt the United States is still higher; however, Japan is right under the United States with the second highest government debt in the whole entire world. In comparison, the United States debt is roughly 100% its GDP, the market value of all final goods and services produced within a country each year. Surprisingly, Japans debt is 200% of its total GDP.
− Inequality − We live in an unequal society, stratified by wealth − a few people get a lot of the total income, a lot of people split up the remainder − Graph of US wealth distribution in 2005: − The richest 20% of the population owns about 85% of all the wealth in the country − The next-richest 20% owns about 10% of all the wealth − Leaving less than 5% of the wealth of the country to be divided among the remaining 60% of the population − The poorest 40% (not far from half of the population!) owns so little of the national wealth that it is not even visible on the graph. − Some estimates as of 2009 suggest that the richest 1% of Americans hold almost 50% of all American wealth − Source: Norton and Ariely, “Building
The rich are 1% of the population while the middle class and the poor made up the other 99%. “As of 2007, the top 1 percent of households (the upper class) owned 34.6% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 50.5%, which means that just 20% of the people owned a remarkable 85%, leaving only 15% of the wealth for the bottom 80% (wage and salary workers).” This quote points out the issues in distribute of the wealth in the US. There is a social problem with the distribution of income. Income is what people earn from work but is also interest earned dividends and any other royalties that they earn. The problem with distribution is that the top 1% or the rich while 99% is the middle class or the poor.
Isn’t this place classless?” Australia, as with many nations, is a capitalist society with a stratified class structure, inextricably linked to income and wealth. Wealth is usually calculated by considering ones income, investments and property holdings. According to the Australian Bureau of Statistics (ABS), the lowest quintile of the Australian population earned only 4.3% of the country’s income, earning $360 per week, while the highest quintile earned 46.7%, with $3,492 per week. See table 1.1 1.1 Household Income and Income Distribution, Australia ESTIMATES 2009/10 Mean income per week (b) Lowest quintile $ 360 Second quintile $ 780 Third quintile $ 1,323 Fourth quintile $ 2,032 Highest quintile $ 3,942 Income per week at top of selected percentiles (b) 10th (P10) $ 363 20th (P20) $ 566 30th (P30) $ 774 40th (P40) $ 1,031 50th (P50) $ 1,320 60th (P60) $ 1,640 70th (P70) $ 2,008 80th (P80) $ 2,498 90th (P90)
Approximately 2% of the population is over 65 years of age, with another 51% of the population under 15 years of age. There are approximately 99 males for every 100 females in the country for 2009. According to the UN, the annual population growth rate for 2000–2009 is 3.24%, with the projected population for the year 2015 at 39,335,000. Economy For decades the Ugandan economy suffered from devastating economic policies and instability, leaving Uganda as one of the world's poorest countries. The country has commenced economic reforms and growth has been