It is anticipated that unemployed Australians will only experience temporary joblessness, as data indicates that the nation’s unemployment rate remains relatively stable.
This year, the highest recorded unemployment rate was 4.1 per cent in January, and although it has decreased slightly, it is slowly creeping back up, with the latest figures showing a 3.8 per cent unemployment rate in March.
Unemployed person, Hope Cochrane, a 35 year old female from the Central Coast, finds herself more conscious of her spending habits after struggling to find work.
“The cost of living makes it extremely difficult to maintain a sense of independence,” she said.
In March this year, the unemployment rate in the Central Coast was 4.6%, with new data gathered from the Regional Unemployment Rates by the Australian Bureau of Statistics (ABS).
Head of Labour Statistics at the ABS, Bjorn Jarvis, indicates that this new regional data, after a funding boost in the 2022-2023 Budget, will mark out a better understanding of individual labour markets across rural and regional centres.
“This new data will provide regions across Australia with a much better indication of the state of their labour market and how it’s changing over time,” Mr Jarvis said.
The ABS has revealed the unemployment rate time period for New South Wales to the nearest thousand as of March 2024, with 54 thousand people unemployed over in a three month period.
The 1-3 month bracket is the most effected time slot for unemployment and this correlates with Miss Cochrane’s situation, as she has been unemployed for approximately four weeks, although she is confident she will be able to find another job soon.
“I have years of experience in different industries and as I’m willing to take any job opportunity given or offered, I do believe I won’t be without a job for long,” she said.
Miss Cochrane is continuously looking for part-time work so she can live comfortably again.
“I have significantly reduced the amount I travel and activities I take part in, to save money,” she said.
The following data reveals the number of persons, to the nearest thousand, who were unemployed, but were looking for part time work.
Again, the 1-3 month time bracket was the most populated, with unemployment appearing temporary for most Australians.
Speaking to the ABC, Treasurer Jim Chalmers says that long-term unemployment should be minimal.
“It shouldn’t take long for people to find a job, or to switch jobs,” said Treasurer Chalmers.
