The Australian economy is expected to record a contraction in GDP of around 10 per cent over the first half of 2020; total hours worked are expected to decline by around 20 per cent and the unemployment rate is forecast to rise to around 10 per cent in the June quarter. JobSeeker Payment is the main income support payment if you’re between 22 and Age Pension age. The unemployment rate rose to 7.5% in July, as the number of unemployed Australians surpassed one million. That figure doesn’t include the 3.5 million workers being supported by JobKeeper. ... 2020 Updated: 4:43pm, Oct 1. Australian unemployment rose again in June, jumping 0.3% higher to 7.4%, according to the latest ABS figures out on Thursday. Australia's unemployment rate jumped to 7.1 per cent in May from 6.4 per cent in April, with the Bureau of Statistics estimating a further 227,700 jobs were lost last month. "Western Australia has recorded its largest monthly jobs increase on record, with more than 32,200 Western Australians finding jobs in August," Mr Wyatt said. The female unemployment rate saw the greatest change, at 5.2% in 2018 compared with 8.2% in 1978. Australia Unemployment September 2020. The data reached an all-time high of 11.22 % in Dec 1992 and a record low of 3.98 % in Feb 2008. 8 The real unemployment rate, including discouraged, marginally attached, and part-time, was 22.8%. The Reserve Bank of Australia forecasts unemployment will jump to 10 per cent in June, while year-end unemployment will be 9 per cent, up from … You’ll get the supplement at a rate of $250 a fortnight until 31 December 2020. Seasonally-adjusted employment fell by 29,500 in September, following a revised 129,000 jobs gain in August (previously reported: +111,000). Economists polled by Reuters were predicting a fall of 30,000 with the unemployment rate rising to 7.2%. The rise of 0.2 per cent is higher than expected, and means another 31,000 Australians out of a job, rising to 725,900. Including those on zero hours and who have dropped out … Australia's unemployment rate has beaten expectations, falling to 6.8 per cent despite more than 42,000 Victorians losing work in the month of August alone. While modest as a percentage, the increase still amounts to yet more job losses. The federal budget projected that unemployment will reach 7.25% in 2020-21 and delivered more than $30bn of tax concessions to business and $18bn of income tax cuts to households to spur the recovery. Again, it has been younger workers that have been hit particularly hard, as youth unemployment soars to 16.4%. Participation rate decreased to 64.8%. “As such, some unemployed people are facing the prospect … Australian unemployment will hit 11% by Christmas, according to the latest Treasury estimates. Unemployment, it is a big ugly word and we are going to hear about it a lot more in the years to come, long after the COVID-19 crisis has become a distant memory. Hundreds of people queue outside an Australian government welfare … Employment to population ratio decreased to 60.3%. Australia’s unempoyment rate is set to climb to 7% by October 2020, according to Westpac’s latest forecasts. The Australian economy is climbing back after what’s been a miserable 2020 for many, boosted by retail spending with Christmas just weeks away. Newstart Allowance stopped on 20 March 2020. It says whereas the financial outlook is very unsure, it’s doubtless that the unemployment rate will stay elevated for a quantity of years. Its economists made the prediction, noting the government’s stimulus package won’t avert a recession. Underemployment rate increased to 11.4%. Despite a drop in Australia’s overall unemployment rate, the labour participation rate only nudged up 0.1% to reach 64.8%. The number of long-term unemployed (those who have been searching for jobs for 27 weeks or more) rose to 3.6 million. He estimates gross domestic product would contract by 3% in 2020, but rebound to 3.5% the following year. Australian Treasury (2020), Op Cit. A smaller number, 2.5 million, were laid off in the last 5 weeks. March 31, 2020 Some analysts are predicting Australia's unemployment rate could reach as high as 20%. Australia Unemployment Rates (15+) by State and Territory, October 2020 (%) Supporting data. The unemployment rate of surveyed migrants (12.6%) was more than double the general population (5.5%) in 2017. In 2018, the highest rate of unemployment for the working-age population was in Outer regional areas at 6.8%, compared with 2013 where the highest unemployment rate was in Inner regional areas at 6.1% (Figure 3). The total number of unemployed fell from 12.6 million in September to 11.1 million in October. From 1 January 2021, your payment will change to the normal JobSeeker Payment rate for your situation. Some Australians face a prolonged interval of unemployment because of this of the COVID-19 pandemic, a Reserve Bank of Australia evaluation has warned. As long as you get $1 of Jobseeker Payment, we’ll pay this with your normal payment. The national unemployment rate has jumped from 5.1 per cent to 5.3 per cent in the month of January, the latest Australian Bureau of Statistics figures have revealed. To get JobSeeker Payment you must meet some rules. In April 2020, the official unemployment rate (U-3) reached a height of 14.7%. Australia’s official unemployment rate this week is likely to come in at about half the latest US count – but the real rate is likely to be similar. Treasury is expecting Australia's unemployment rate to hit 9.25 per cent in 2020 That misery would be the highest national jobless level since September 1994 Australia's budget deficit for … Where will the jobs be in the future? Youth Unemployment Rate in Australia increased to 15.60 percent in October from 14.50 percent in September of 2020. source: Australian Bureau of Statistics. Employment decreased to 12,571,900. That gives a better sense of 2020 unemployment. Australia’s official unemployment rate is forecast to peak at around 10% during the COVID-19 lockdown, according to the Australian Treasury. You must also be either: looking for work; ... Services Australia. Queensland has Australia’s second-highest effective unemployment rate of 11.4 per cent. Monthly hours worked increased by … the unemployment rate … Australia's unemployment rate jumped to 7.4 per cent in June, up from 7.1 per cent in May, despite the economy adding 210,800 new jobs as COVID … Australia: Unemployment rate rises less than expected in September. In 2020 the unemployment rate in Australia appeared to be influenced by the coronavirus pandemic, reaching 7 percent in October of that year. Via the ABS: In October 2020, new loan. The nation’s official jobless rate is expected to peak about 9.25 per cent in the December quarter, and remain about 8.75 per cent in 2020-21, according to Treasury forecasts. Unemployment is likely to prove more stubborn, soaring to … Employment Projections. Labor Premier Annastacia Palaszczuk, facing an election on October 31, is banning residents from New South Wales and the Australian Capital Territory from entering her state, even though Canberra has had zero cases since July 10. That’s still 1.1% lower than in March this year. In early 2019, the unemployment rate was close to the Reserve Bank’s estimated level of ‘full employment’, at 5.2%. Australia's unemployment rate jumped to a seasonally adjusted 7.1 per cent in May, with 227,700 jobs lost during the month. Australia Unemployment Rate increased to 7.00 % in Oct 2020, from the previously reported number of 6.91 % in Sep 2020. “The quicker that the jobless rate peaks and starts falling, the less damage and scarring will be done to the longer-term health of the economy,” Mr James said. The jobless figures are the worst since October 2001. The National Skills Commission projects employment growth over the next five years by region, industry, and occupation. Australia experiences slowest rate of wages growth on record ... Oct 16, 2020 Updated ... the Australian Bureau of Statistics released data showing the unemployment rate … Australia Unemployment Rate is updated monthly, available from Feb 1978 to Oct 2020, with an average rate of 6.25 %. 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