Recent figures released by the Australian Bureau of Statistics show that a rise in part-time positions by 42,800 has offset the fall in full-time jobs, by 43,900, which means the drop in job vacancy numbers is the relatively modest 1,200. Full-time work is defined as a role that involves 35 hours or more a week.
The reduction of hours follows previous trends where employers prefer to cut time rather than shed jobs, to retain talent.
However, the bureau revealed 500,000 people sought work, causing the unemployment rate to hit 4.5 percent, the highest in two years. Treasury has forecast unemployment to reach five percent by the end of the financial year. Some economists say it could be as high as seven percent.
NSW has suffered the greatest job losses due to the state’s reliance on industries hardest hit by the global economy, such as retail, manufacturing, finance and insurance.
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Adeline Teoh
Adeline Teoh is a journalist with more than a decade of publishing experience in the fields of business, education, travel, health, and project management. She has specialised in business since 2003.
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