Australia’s job market has failed badly since the global financial crisis
IN A LITTLE over three years from early 2005 to May 2008, Australia’s working age population, as officially defined, grew by just under a million people. The number of us with jobs grew by a phenomenal 940,000.
Half a decade later, in the three years to December 2014, Australia’s working age population grew by just over a million people. Yet this time the number of jobs grew by only 385,000. For every one hundred extra adults, in other words, we generated just thirty-eight new jobs. Compared to the ninety-four new jobs created for every one hundred extra adults just before the global financial crisis, that’s some shift.
Sure, the labour market did better in 2014, but only slightly. Last year, there were forty-six new jobs for every one hundred new adults – and just twenty-eight of them were full-time…
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