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Treasurer Paul Keating budgeted a record $9.1 billion surplus for 1989–90, and Labor won the 1990 election, aided by the support of environmentalists. To court the green vote, environment minister Graham Richardson had placed restrictions on mining (notably uranium mining [5]) and logging which had a detrimental effect on already rising unemployment.
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 ...
[53] During the recession, GDP fell by 1.7%, employment by 3.4% and the unemployment rate rose to 10.8%. [54] However, the recession did assist in reducing long-term inflation rate expectations and Australia has maintained a low inflation environment since the 1990s to the present day.
Both recessions had high unemployment after the recessionary period had officially ended with unemployment rates of 12% and 11.4%, in 1983 and 1993, respectively. [20] Other sources describe the early 1990s recession as "the deepest in Canada since the Great Depression of the 1930s" naming it "the Great Canadian Slump of 1990–92." [21]
The result means annual inflation rate is now at its lowest level since December 2021, while quarterly inflation was 0.6%, down from 1.2% in September. Inflation further cools in Australia as ...
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 ...
The Australian governments of this period, dominated by the conservative Liberal Party of Australia, were broadly successful in maintaining economic growth and unemployment, but were criticised by opponents for failing to effectively control inflation, instituting periodic "credit squeezes" (1952 and 1961), and rejecting national economic ...
The official unemployment rate in the 16 European Union (EU) countries that use the euro rose to 10% in December 2009 as a result of another recession. [153] Latvia had the highest unemployment rate in the EU, at 22.3% for November 2009. [154] Europe's young workers have been especially hard hit. [155]