Unemployment In Australia Essay

881 Words4 Pages
Explain the trends over the past ten years in the unemployment rate, the participation rate and wage outcomes with reference to specific industries and gender in the Australian economy. Since 2003 the Australian Labour market has seen unprecedented changes in both its unemployment rate, participation rate and wage outcomes. The changes have been caused by a number of events and advancements, namely the 2008 Global Financial Crisis (GFC) and the change in attitudes towards employment by employers and employees, to name a few. The greatest problem in the labour market in the past 10 years has been the high level of unemployment. Unemployment is defined as when a person is actively searching for unemployment but unable to find work and is…show more content…
Participation rates of both men and women changed dramatically in the 1970’s and 1980’s, but the decline in the male participation rate has remained steady since 2003 while the female participation rate continues to increase. The wage outcomes in Australia between genders and their respective industries has always been a controversial topic, debating that Australian jobs are still plagued with inequality and discrimination. Wages and salaries provide 57% of household incomes in Australia, therefore wage outcomes produced by the labour market have a substantial influence on how income is distributed throughout the Australian economy. Wage outcomes are affected by several key factors: Geographical mobility, Occupational mobility, experience, productivity of labour and capacity of the firm to pay and gender. An employer will find it difficult to attract labour to isolated locations, and will generally have to pay higher wages in order to attract the labour, which is an example of geographical
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