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The Reserve Bank has raised its key interest rate, making Australia the first developed nation to reverse the cycle of cuts triggered by the global financial crisis. Analysts say more increases are on the way.

Today’s 25-basis-point rise pushes the central bank’s cash rate to 3.25 per cent in a move that will add $40 to the average monthly payment for a typical $300,000 mortgage if it is passed on by commercial banks. The extra cost may stretch household budgets at a time when unemployment remains on the rise.

All four of the big banks – Commonwealth Bank, Westpac, National Australia Bank and ANZ – said they have placed their variable interest rates under review.

Source  :  www.watoday.com.au

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The Reserve Bank of Australia (RBA)  is due to announce its decision on interest rates at 2.30pm (AEST) on Tuesday.
The economists surveyed by AAP said the cash rate will remain at a 49 year low of three per cent after the central bank’s board meeting on August 4.

“The RBA appears to have no intention of reducing the cash rate any further,” said Matt Robinson, an economist with Moody’s Economy.com. reserve_bank_400

“I think a housing market bubble is starting to form, and given the sentiment that governor Stevens expressed in his speech to the Australian Business Economists, that is something that the RBA is watching and that would be a reason for them to maybe hike interest rates earlier.”

There were doubts about whether the RBA would be deterred from raising rates if unemployment continued to rise.

The RBA has kept the cash rate at 3 per cent for three consecutive months.

Michael Turner, an economist with financial markets research group 4Cast, said the prospect of rising unemployment would mean the cental bank could keep rates steady until well into 2010.

“We’re still of the opinion the worse is yet to come and things look better now than they did a couple of months ago, which is why we’re now calling it on hold (in August) rather than going lower,” he said.

“But we still think there’s enough of a story in the lack of utilisation in the economy at the moment that price pressure might be moderate enough at 3 per cent.

“We’re currently chewing on a rate rise in 2010 at the moment. It’s possible, but not until late 2010.”

If you look at the split in the market or the way the debate was being conducted it was very much the idea that the RBA isn’t going to hike because they never have while the jobless rate has been rising.

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AUSTRALIA is still doing better than other major economies despite a jump in jobless figures, Prime Minister Kevin Rudd says.  kevin-rudd

The unemployment rate has risen to 5.7 per cent, after the total number of people in work fell by 1700, official May jobs data showed today.

 “Today we have seen an increase in unemployment to 5.7 per cent, returning to where it was in March this year, although employment remained fairly steady falling by 1700,” he told delegates at an Australian Industry Group lunch in Sydney.

He said the unemployment figures were indicative of how the financial crisis was affecting Australia.

“The global recession is continuing to have a direct impact on the Australian economy and Australian jobs,” Mr Rudd said.

“No one likes to see unemployment rise because of the global recession … (but) Australia’s unemployment rate remains lower than all other major advanced economies except Japan.”

He said the figures would have been far worse had it not been for the government’s stimulus packages.

“`Without our nation building plans, over 200,000 more Australians would be out of work,” he said.

Source www.news.com.au

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More than 40% of Australian employers are struggling to fill positions, according to Manpower’s Fourth Annual Talent Shortage Survey.

Engineers, technicians and machine operators were all in the top 10 list of jobs that employers are having difficult filling.

Nearly 11,500 Australian employers were interviewed as part of the global survey.

“Despite high levels of unemployment in many markets, this year’s talent survey suggests a mismatch between the type of individuals available for work and the specific skills that employers are looking for,” Manpower’s managing director Lincoln Crawley said.

According to Crawley, companies are being pressured to shift their mindset to think more strategically and creatively about how to do more with less and the same approach is being applied to how they manage their talent.

“Employers are looking for ways to accelerate their business strategy with less people. It’s this specificity of skills required in the individuals that employers are now seeking that is creating a sense of talent shortage amidst an overabundant pool of available workers.

“This conundrum is frustrating both employers and individuals,” he said.

According to the survey, skilled trade vacancies have become the most difficult to fill in recent years, moving from eighth place in 2006, to fifth in 2007, fourth in 2008, and second in 2009.

Source :   http://www.liveinaustralia.com/home/news.asp

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Yes, certainly, owing to the Global Financial Crisis (GFC), skilled migration numbers will be slashed in Australia’s budget year of 2009/2010. visas

The government says this measure has been taken make sure that Australian workers get preference for jobs in a period that threatens higher unemployment. Paradoxically, recent figures indicate that Aussie unemployment has actually diminished.

Still, most gurus are still predicting up to 8% unemployment during the next twelve months. But this does not mean skilled workers and professionals who see Australia as a desirable place to relocate should give up and submit to the tough conditions in their current countries.

While the government has already trimmed the number of skilled workers to be granted visas into Australia next financial year there are still 115,000 of those visas up for grabs. For the time being, occupations in the tourism, clerical and agricultural industries have been removed from the 457 visa program.

Furthermore, a higher level of ability in English language have been set. This measure has been taken to make sure that the 457 program provides the skilled workers that Australia needs most and who readily can be integrated into workplaces.

www.liveinaustralia.com

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carpenter-full
THE federal Government has cut the skilled migration intake by a further 6900 people to help protect local jobs during the economic crisis.

But it will increase the number of people allowed to migrate to Australia for family reunions, the Government said yesterday as part of Budget 2009.

In March, the Government shed 18,500 skilled migration places in response to growing unemployment, which is forecast to hit 8.25 per cent in 2009-10.

The latest cut, the second to be made this year, brings the program down to 108,100 places in 2009-10.

Overall, the Government has slashed previous planning levels by close to 20 per cent.

Immigration Minister Chris Evans said the cuts would not be made to professions on the critical skills shortage list such as IT.

The migration intake in the coming year reflects the economic climate while ensuring employers can gain access to skilled professionals in industries still experiencing skills shortages,” Senator Evans said in a statement. The Government will provide more opportunities for family reunions by increasing the family component of the migration program by 3800 places to a total of 60,300 in 2009-10.

“This boost … will benefit Australians who seek to have their parents, partners or children join them to live here permanently,” Senator Evans said.

Overall, the migration program will total 168,700 for 2009-10.

www.news.com.au

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