By Michael Balsamo Australia’s job market is starting to look like a post-apocalyptic wasteland, with workers in a growing number of industries feeling they are stuck in a time-bomb.
A report by the Australian Bureau of Statistics shows that employment has fallen by a quarter since 2010.
That compares with a decline of 9 per cent in the UK and a 4 per cent increase in the US.
The latest report also shows the average annual salary of a full-time employee in Australia is $50,922, down $6,000 from the year before.
This is up $1,400 on the previous year.
The drop is the biggest since the recession of the late 2000s.
In the US, median hourly earnings were up by $1.42, the biggest one-year gain since 2009.
The wage gap between full- and part-time workers has widened over the past three years.
In 2014, it widened to a 12.3-year-old gap of 12.1 per cent.
This year it is now 18.3 per cent, the widest gap since 2012.
In 2015, the gap between the highest paid workers and the lowest paid workers widened by 10 per cent to $11.72 an hour.
The report also finds Australia’s labour force participation rate fell to 66.7 per cent last year, down from 70.3.
Labor participation is the share of the workforce who are employed or actively looking for work, and it is expected to continue falling as the recession enters its third year.
In Australia, the proportion of people who are unemployed fell to 8.4 per cent from 8.9 per cent a year ago, the lowest level since 1993.
The unemployment rate rose to 6.4% in the year to June, up from 6.2 per cent the year prior.
Labor’s share of population aged 25 to 64 fell to 11.9% from 12.5 per cent over the same period.
“These figures are not good news for the Government,” said Professor David Renshaw, a professor of economics at the University of Melbourne.
“The rate of unemployment has been on a downward trend for years now, and the labour market is likely to continue to deteriorate into the foreseeable future.”
Australia’s labour market will continue to have severe long-term challenges to growth in the medium term, and we will continue our jobless recovery in a much worse shape than we have seen in decades,” Professor Renshawsaid.
“It is not the first time that we’ve had this problem. “
We have been living with this situation for more than 20 years now and it’s been going on for decades,” he said.
It’s a time where there’s a lot of people out of work who are looking for jobs, and there’s no incentive to get them. “
This is a time of cyclical unemployment.
There’s no sign that that trend is going to change.” “
In the last five years, we’ve seen a lot more of the unemployed returning to work.
There’s no sign that that trend is going to change.”
The latest employment report from the Australian Productivity Commission says the economy added 1.6 million jobs in June, the weakest monthly growth in more than a decade.
The jobless rate rose slightly to 6 per cent during the month.
The Australian Bureau also released a report on the job market.
It showed that the number of people working part-timers fell by 0.3 percentage points to 1.8 million over the 12 months to June.