UNEMPLOYMENT TICKS UP AS WAGES STAGNATE

Australian Bureau of Statistics data shows that unemployment is up, employment growth is slowing and wages have stagnated under Turnbull and his Liberals.

 

With the unemployment rate increasing to 5.6 per cent, there are now 741,000 unemployed Australians, with 46,300 more people lining the unemployment queue than when the Abbott-Turnbull Government was first elected.

 

Youth unemployment has increased to 12.6 per cent.

 

The most recent underemployment data shows that there are almost 1.1 million underemployed Australians looking for more work, but unable to find it. When coupled with the number of unemployed, it means there are more than 1.84 million Australians who are under-utilised in the labour force.

While Turnbull may try to boast about jobs figures, the truth is the facts are more complicated.  The increase in employment over the last five years is comparable to that seen under the former Labor government between 2007 and 2013, notwithstanding that during that time Australia went through the worst global financial crisis this generation has seen. Labor achievements – such as the NDIS and significant infrastructure investments – continue to be key drivers of increased employment in the economy.

With insecure work, record low wages growth, and skyrocketing cost of living pressures, Australians are feeling the pinch. Yesterday’s WPI data revealed that Malcolm Turnbull continues to preside over annual wages growth of only 2.1 per cent, with private wages increasing only 1.9 per cent.

Turnbull and his Liberals have failed to acknowledge these challenges, let alone come up with any policy initiatives to deal with them.

Instead, they support cuts to wages through slashing penalty rates, argue against increasing the minimum wage, and focus all their energy on advocating for an $80billion tax cut to the big end of town.