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Australian Unemployment

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A country's workforce is typically defined as those aged between 18 and 65 and who isn't in full time education. The Australian workforce is approximately 12 million strong with over 11.5 million people currently in employment according to the latest Labour Force statistics.

Unemployment is a problem all countries face; unemployed people need supporting while they are looking for work and this obviously takes its toll on public services and finances. The Australian workforce is currently in a transition period thanks to the overwhelming influence and lure of the mining boom. Many Australians have left their positions for more lucrative opportunities in the mining industry, this in turn has left large gaps in other industries such as the hospitality industry.

However, despite the mining boom and increased rates of people changing jobs, unemployment has remained relatively low, particularly compared to other countries.

Unemployment: UK vs Australia

With the UK heading into a double dip recession, the number of people struggling for work has inevitably increased and despite a temporary decline, most credibly forecasts predict the rate of unemployment to continue for some time yet.

UK Unemployment Rate
Source: Office for National Statstics 2012

In contrast, the booming Australian economy has resulted in record lows of unemployment

Australian Unemployment Rate
Source: Australian Bureau of Statistics 2012