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Unemployment has reached its highest level since January 1995, according to research house Roy Morgan.
In December 2013 an estimated 1.41 million Australians (11.2 per cent of the workforce) were unemployed – the highest rate of unemployment since January 1995 (11.3 per cent), up 143,000 (up 1 per cent) from last month.
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The Australian workforce was 12,635,000 (up 181,000) comprising 7,395,000 full-time workers (down 75,000), 3,829,000 part-time workers (up 113,000) and 1,411,000 looking for work (up 143,000), according to the Roy Morgan monthly employment estimates.
The rise in unemployment was driven by the large increase in the size of the Australian workforce and with not enough jobs created in December, according to Gary Morgan, executive chairman of the Roy Morgan research house.
“Full-time employment dropped to 7,395,000 (down 75,000) – the lowest full-time employment in nearly a year since January 2013 (7,196,000) while the strong rise in part-time employment (up 113,000) wasn’t enough to soak up the new job-seekers entering the workforce,” he said.
While the rise in unemployment was partially offset by a 0.5 per cent fall in under-employment, both figures remain historically high.
“Australia’s high level of unemployment and under-employment should be a huge concern for the Coalition government, which has got off to a slow start in the first few months since winning the Federal election in early September,” Mr Morgan said.
“Although it must be noted that unemployment traditionally rises in December (in 16 out of the last 20 years), the large drop in full-time employment is a significant concern as it indicates businesses are hesitant about taking on full-time employees.”
Mr Morgan called on the federal government to address the issue of unemployment as a top priority before its effects flowed on to the wider economy.
“Although Federal parliament is not due to resume sitting until mid-February, it is imperative that Treasurer Joe Hockey and Minister for Employment Eric Abetz in particular present parliament with a clear ‘road map’ to tackle Australia’s high level of unemployment and under-employment – now above 2 million for two straight years since December 2011,” he said.
