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The following recession thus impacted the many countries closely linked to the US, including Australia. Paul Keating, who was treasurer at the time, famously referred to it as "the recession that Australia had to have." [53] During the recession, GDP fell by 1.7%, employment by 3.4% and the unemployment rate rose to 10.8%. [54]
As we saw, under such policies an unemployment rate of 10 per cent was needed to bring wage claims down to their present state, one in which virtually no increases at all are taking place. [ 16 ] The official Australian unemployment rate did fall under the early Accord, reaching a minimum of 6% in 1990, but rapidly increased between 1990 and ...
Unemployment rate (2021) [1] This is a list of countries by unemployment rate.Methods of calculation and presentation of unemployment rate vary from country to country. Some countries count insured unemployed only, some count those in receipt of welfare benefit only, some count the disabled and other permanently unemployable people, some countries count those who choose (and are financially ...
Over the decade, the labour participation rate increased by 2.8 points (from 64.8% to 67.6%), while the unemployment rate declined by 1.9 points (from 5.6% to 3.7%). [18] Currently, 69.0% of Victorian workers are engaged in full-time work, an increase of 2.0% since 2019.
A five-year unemployment average for 1930-34 was 23.4%, with a peak of approximately 30% of the nation being unemployed in 1932. This was one of the most severe unemployment rates in the industrialised world, exceeded only by Germany. [27] Many hundreds of thousands of Australians suddenly faced the humiliation of poverty and unemployment.
July 2009 Australian unemployment rate: 5.8% [28] August 2009 Australian unemployment rate: 5.8% [29] September 2009 Australian unemployment rate: 5.7% [30] October 2009 Australian unemployment rate: 5.8% [31] The unemployment rate for October rose slightly due to population growth and other factors leading to 35,000 people looking for work ...
For 2022, Hatzius and his team projects a 3.5% unemployment rate. If achieved, the unemployment rate would be at a 50-year low as the economy powers back from the COVID-19 pandemic .
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