Recent Unemployment Trends (HSC SSCE Economics): Flashcards
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Australia's unemployment rate during COVID-19 (July 2020)
Australia's unemployment rate during COVID-19 (July 2020)
7.4%
Australia's unemployment rate by mid-2023
Australia's unemployment rate by mid-2023
3.5% (lowest since 1974)
Peak unemployment rate in 1992-93
Peak unemployment rate in 1992-93
10.7%
Definition of underemployment
Definition of underemployment
Employed but working fewer hours than desired and available for
Underemployment rate by mid-2023
Underemployment rate by mid-2023
6.4%
Okun's Law principle
Okun's Law principle
Growth > productivity + labour force growth to reduce unemployment
% of Australians in part-time work by 2023
% of Australians in part-time work by 2023
30%
Labour force participation: 2023 to 2062-63 projection
Labour force participation: 2023 to 2062-63 projection
From 66.9% to 63.8%
% of Australia's population aged over 65 in 2021
% of Australia's population aged over 65 in 2021
17.2%
Peak underemployment rate during COVID-19 (2020)
Peak underemployment rate during COVID-19 (2020)
13.7%