What is the nature of unemplyment in Australia today?
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The Australian Bureau of Statistics defines unemployment in eight different ways: structural, cyclical, frictional, hidden, seasonal, long-term, hard-core, and natural rate. Perhaps the most important statistic in this grouping is defined in the natural rate of unemployment. The natural rate of unemployment is defined by the filling of all jobs available. If all jobs are filled, it is impossible for anyone to get a job (no more exist).
Unemployment in Australia today is at the highest it has been since 2009. The unemployment rate in Australia, as of July 2013, is 5.7% (up 0.1% from June). While some credit this to outsourcing (as seen in The Sydney Morning Herald (May 2013), others attribute it to the cut in the full-time job market (4,400 positions were cut). Although 10,300 jobs were created, all were part-time positions. Given the number of people seeking work, the number of new jobs failed to offset the high percentage of unemployed workers.
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