Posted November 10, 2018 11:09:49 It may be the most extreme economic downturn since the Great Depression, but there is a lot to worry about.
Key points:Jobless rates remain near record lows as the global economy heads into another recessionThe Federal Government says it will use an emergency budget to boost employmentWhile the Government has promised to use the emergency budget as a means of boosting employment, the jobless rate remains well above the unemployment rate of 8.9 per cent, which it had been when the crisis began.
There is still a long way to go, and with the Reserve Bank of Australia (RBA) raising interest rates on Friday, the Government’s jobless prospects look even more uncertain.
But there are signs that the global economic outlook is improving.
The unemployment rate is still well above 8.1 per cent for Australia, and in many parts of the world it has been below 7 per cent.
Jobless rate in the US remains well below 7.1%, while in the UK it is 6.3 per cent and in the Eurozone it is around 3.5 per cent.(Supplied: Bureau of Statistics)The Government has committed to using the emergency fund to boost jobless rates.
But the Government will need to find the cash to do that, as the unemployment rates are still well below record lows, and there are still a lot of people looking for work.
In its forecast for the next quarter, the ABS said there would be an increase in the number of unemployed people, as a result of the global recession.
The ABS said the number would be up 1.4 million in the first quarter of 2019, but that would be “quite small” compared to the overall population.
But this would be a small step compared to a rise in unemployment rates around the world, which are now in the double digits, including in the United States.
“The trend in unemployment in the world has continued to increase, and this is probably a good thing, as there is some evidence that if you are having a bad year, it tends to boost your unemployment,” Professor Matthew Taylor, of the University of Sydney, said.
“That means that when you are in a really bad economy, you might actually see more people in a jobless position.”
He said there had been a “huge increase in recent years in the rate of joblessness”, and that it had also become harder for people to find work.
“It’s certainly a sign that we are moving into a new recession, and if we don’t do something about it we are going to be stuck with a lot more unemployed people,” he said.
The Federal government says it is working to get more Australians into the labour market.(Supplicant: ABC News)The government says the Federal Government will use the budget emergency to boost unemployment, but it has not yet identified the amount of money it would be willing to spend.
“We’ve asked the Treasury to work with us on the emergency to give us more certainty on the timing of those increases,” Treasurer Scott Morrison said.
But he said there were still significant gaps between the amount the Government was willing to borrow and the amount it needed to spend on unemployment assistance.
“I think that is where the question really comes down to, is it worth spending more money to give people jobs?
Or is it not worth it?” he said, adding that the Federal government had also committed to providing some form of support to businesses and people who had lost their jobs.
He also said that if the Government did not find the money, it would increase the “budget deficit” by $1.4 billion a year.
He said the Government would also need to get the money to get people back to work, as well as increase the number working.
“If you are struggling to find people to fill a job, you are not going to get any more money out of the budget if you don’t get more people back in the workforce,” he told reporters.
“And that is why we are looking at all of the different options and all of our options.”
The Government says unemployment will be boosted by $4 billion in the next two years.(Supplies: ABC)Mr Morrison also said the government was not in a position to spend the money it already had in the budget, but would use it to help people find work through its Workforce Development Program (WDP).
“I can assure you we are taking a very cautious approach to the WDP,” he explained.
“So the first step of the WDS is to identify all the people who are unemployed and who are seeking work, and to then go through that process to find suitable, skilled, affordable work for those people.”
There are many more people looking and there will be more opportunities available to those people, and I want to ensure that those opportunities are not wasted.
“In terms of the Government and the job market, Mr Morrison said the unemployment situation would not improve unless the Government