Figure 7: Australian Unemployment Rate in 2017
(Source: tradingeconomics.com, 2017)
As per the report of ABS, the very long-term unemployment indicates the people are not working for 52 weeks or more than that. On the other hand, the very long-term unemployment suggests the people, who are not working for 104 weeks or more than that. In Tasmania, it has been observed that around 3.9% people are suffering from unemployment in August 2017. In 2015-16, the rate of unemployment was around 2.5 % (tradingeconomics.com, 2017). As commented by An et al. (2017), in the recent days, the Australian people are able to manage the problem of unemployment in the effective way. They have increased the number of companies in the country. If the country is able to increase the number of organisations, it ensures the downfall of the rate of unemployment.
Analysing the research of unemployment of last 5 years in Australia
Australia faces the unemployment related problems and at the same time, they are able to remove the difficulties in the efficient way. In the opinion of Fromentin (2013), the Australian government has maintained their economical growth in the effective way. It is seen that, in the year of 2014, around 440 people among 1000 were jobless. However, they are able to recover the state in the appropriate way. It is observed that in 2017, the unemployment rate is around 5.7%. The government of Australia has introduced new enterprises for decreasing the unemployment rate of the country.
On the contrary, Jakubowicz et al. (2014) stated that, Australian government follows different theories classical theory, the theory of idle resources and many others in order to resolve the difficulties of unemployment. W.H. Hutt has written the monograph in the year of 1939. In the theory of unemployment, Hutt highlights the factors of unemployment like enforced, aggressive idleness, valueless resources, participating, strike, pseudo-idleness and many others. In Australia, it has been noticed that, the problems of unemployment have occurred due to the economic condition of the market. Often, it is monitored that, few people are not interested in work. Hence, they are counted as the unemployed people. However, in case of aboriginal people, they are suffering from the problems of unemployment. Around 33.8% people were jobless in the year of 2014-15. The government of Australia has developed the legislation of the Unemployment Relief Act 1936 for removing the unemployment rate. Therefore, the government of Australia is able to solve the unemployment related problems.
According to Crowley et al. (2013), last 5 years, Australia did not face huge crises due to unemployment. The global financial crises in 2013 have created employment related problems. However, the Australian government is able to remove the crises by introducing new entities in the country. The business organisations try to expand their business as they can recruit more people in their enterprises. Therefore, they can decrease the unemployment rate in the country of Australia.
On the other hand, Lee & Parasnis (2014) commented that, the Australian government has increased the number of ventures in the country. It indicates that, the government wants to decrease the rate of unemployment. In order to develop the new ventures, the Australian government follows the classical theory of Hutt. As per Hutt’s theory, often, the authority of the organisations has low capital for running the business. In this case, the business organisation needs hire shareholders for developing their business. If they can hire the shareholders, they would be able to recruit more people. It helps to decrease the rate of unemployment in Australia. Hence, in 2016, around 250000 person people have got job. The Australian government is able to recover the problems of unemployment in the effective way. In July 2017, around 28000 people got job. Therefore, Australia does not face tremendous problems due to unemployment.
In the opinion of Atalay, Kim & Whelan (2014), the contract model is the effective way of reducing the unemployment in Australia. It describes the mechanism for running the business. The contract model helps to understand the market segment and the status of the market. If the business organisations provide proper remuneration to the employees, they would enjoy the work. They will not think of resigning the job. Hence, it would help to decrease the rate of unemployment in Australia. It has been observed that, around 253000 people have got job in the year of 2016. The ABS stated that around 2.2 % have risen for reducing the problems of unemployment. As per the contract model, the employees receive proper training. If they are able to receive accurate training, the employees can do their job in the effective way. Therefore, it helps to reduce the number of unemployment in Australia.
On the contradiction, Furuoka (2014) stated that, in 2014, the Australian people had faced unemployment related problems. Hence, the aboriginal people of Australia do not get scope for working. The Australian people create discrimination with the aboriginal people. In order to solve the problem of discrimination, the Australian Government has introduced the legislation like the Unemployment Relief Act 1936. The legislation helps to reduce the rate of unemployment in Australia
The Effects Of Enployment In The Country Of Australia
The unemployment affects the economy of the country. As per the viewpoint of Waters et al. (2014), if the country is not able to manage the problems of unemployment, they would not be able to hold their position in the contemporary market. The reasons of unemployment are social problems, industrial disputes, labour exploitation, political instability and many others. The effects of the unemployment are followed by-
Econoimic Declination
The business organisations help to increase the economic condition of the country. If the authority of the ventures is able to develop the business in the appropriate way, it ensures the economical growth of the country. As per the viewpoint of Furuoka (2014), the economical growth depends on the employment of the country. If the country is not able reduce the problems of unemployment, they would face the major economical difficulties. In order to live in the perfect way, the people need to have job. If they do not have suitable job, the people are not able to lead their life easily.
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