Australian Politics Forum

Quote:

Cracks are emerging in the Australian jobs market, which just had its biggest fall in three years

[list bull-blackball]

Having managed to bat on for much of 2019, the Australian labour market is starting to look exposed, after 19,000 jobs were lost in the month of October, according to the latest data.[list bull-blackball]

It saw the unemployment rate tick up to 5.3% and marked the first net negative month of 2019.[list bull-blackball]

All that could panic the Reserve Bank of Australia (RBA), with AMP Capital chief economist Shane Oliver believing it could cut rates in December, and potentially look to QE to fill the cracks.

https://www.businessinsider.com.au/jobs-market-australia-economy-rate-cut-2019-11?utm_source=pushengage&utm_medium=pushnotification&utm_campaign=pushengage

Who's been in government for the last three years? :-/

Thanks to globalisation, capital will flow to foreign labor markets.

It would be a criminal act for a listed Australian company to employ very expensive and entitled Australian workers if a cheaper and eager employee is available in the Philippines or Thailand.
It is a requirement on the board to maximise returns to shareholders
Aussies who complain about this , need only look at their I phone and contemplate that cheap Asian labor provides this miracle at a cost less then 10,000 dollars which is what it would cost if made here.

If you aren't willing to give up the benefits of a global labour market, then you are a reprehensible hypocrite if you complain that jobs are exiting Australia.

Trickle down economics requires overpaid Australian workers to be generous and share the wealth with our northern neighbours.

greggerypeccary wrote on Nov 14^th, 2019 at 2:15pm:

Who's been in government for the last three years? :-/

That doesn't matter, Codsy will still tell you it's labors fault. ;D ;D ;D ;D

It is all because of the unions.

We would be in a depression now if Labor had got in.

Now this is just what the Lefties wanted to see.

Allowing Indian nationals into Australia to start up a business will result in further Indian professionals and trades to bolster new and existing owned and managed Indian companies competing with Local Australian small business.

I have seen Indian family business only employ Indian migrant workers coming to this country on work visas working for low wages (high compared to their own country) paying rent to Indian owned properties and sending most of their wages back to next of kin in India.

So where is the gain to Australia?

Indian eyes on skilled job vacancies in Australia
BEN PACKHAM 10:09PM NOVEMBER 11, 2019

Former Indian ambassador Anil Wadhwa.

An Indian strategy to boost economic ties with Australia will recommend skilled Indian workers “fill the gaps” in the Australian economy.

Former ambassador Anil Wadhwa, who is writing the Indian government’s response to a 2018 Australian report on the bilateral trade and investment relationship, said Indian health workers, infrastructure specialists and security guards could fill labour shortages in Australia.

The report, to be released before Scott Morrison’s visit to India next year, will say it is “imperative” that India focus on Australia to meet its future minerals needs, and a new port on the country’s east coast offers opportunities to boost imports of Australian LNG. The draft report identifies acquisition of Australian agritech companies, cotton farms and food companies as key investment opportunities for India, and says India can benefit from Australian expertise in renewable energy and electricity grid technology.

Speaking in Delhi on Monday with former Department of Foreign Affairs and Trade secretary Peter Varghese, who wrote the Australian report, Mr Wadhwa said India’s decision to stay out of the 15-nation RCEP free-trade deal offered a “a great opportunity” for a fresh look at a bilateral trade deal with Australia. Mr Wadhwa said Indian doctors and nurses were already filling skills shortages in the Northern Territory, and there was scope to expand co-operation in providing skilled workers.

“Provided we have skilled people from India to fill these gaps, there would be some amount of meeting of minds between the two sides,” he said.

He said security was “a growing area in India”, offering the potential for Indian security guards to work in Australia.

The push to lift Indian access to the Australian labour market will be a potential point of contention for Australia.

Australia and India began negotiations on an economic co-operation agreement in 2011, but the talks stalled in 2015 amid difficulties over agriculture and services market access.

Mr Varghese declared in his 2018 report: “There is no market over the next 20 years which offers more growth opportunities for Australian business than India.”

https://www.theaustralian.com.au/nation/politics/indian-eyes-on-skilled-job-vacancies-in-australia/news-story/931218dcbdcdd6704d15924b8ae2b7c8

greggerypeccary wrote on Nov 14^th, 2019 at 2:15pm:

Who's been in government for the last three years? :-/

Turnbull? ;) Morrison is a "moderate" same as.

If Labor had gotten in there would be queues at the Depression soup kitchens now.

juliar wrote on Nov 14^th, 2019 at 4:17pm:

It is all because of the unions.

We would be in a depression now if Labor had got in.

Lol. Nope. Unions don't hire workers, employers do.

You're just making up lies to hide the TRUTH of the Coalition's corrupt and inept management. Scummo would rather sit and fiddle while Australia burns! If they weren't so busy looting tens of billions of dollars a year out of Treasury to give to their mates, they would have had a surplus by now, and plenty of money to support Australian jobs.

Who on the Coalition's government benches is going to be the first one in jail after they are kicked out? Angus Taylor? Barnaby Joyce?

Here's how Scummo is running the country.

nero.jpg (98 KB | 22 )

juliar wrote on Nov 14^th, 2019 at 4:43pm:

If Labor had gotten in there would be queues at the Depression soup kitchens now.

That's hypothetical nonsesnse. The truth: the queues at the Depression soup kitchens are already growing under this muppet government.

god I bet that news makes the lefties happy.....what! :) :)

Now some rational analysis after the GetUp! Lib bashing hysterical screeching.

Australian Unemployment Unexpectedly Climbs; Currency Drops
Michael Heath Bloomberg November 14, 2019

Australian Unemployment Unexpectedly Climbs; Currency DropsView photos

(Bloomberg) -- Australia’s unemployment rate increased and the economy shed jobs for the first time in 17 months, a surprise result adding to evidence that central bank interest-rate cuts are failing to gain much traction.

The jobless rate advanced to 5.3% in October from 5.2%, data from the statistics bureau showed Thursday; economists had expected it to hold at 5.2%.

Highlighting labor market slack, the under-utilization rate, which combines unemployment and under-employment, rose 0.3 point to 13.8%.

The currency declined and money markets boosted bets on a rate cut in February as the jobless rate exceeded 5.2%, where the Reserve Bank had predicted it to remain through next year. Almost out of conventional policy ammunition to galvanize the economy, RBA Governor Philip Lowe may need to lean on a depreciating currency to bolster exporters and lift inflation.

“Australia’s latest labor force figures make another rate cut a certainty,” said Callam Pickering, an economist at global jobs website Indeed Inc., who previously worked at the central bank. “To kick-start the economy we will need greater stimulus. Much more needs to be done, whether it be through further rate cuts, unconventional monetary policy or, in an ideal world, fiscal stimulus.”

Unorthodox Policies

To date, the government has resisted Lowe’s calls for fiscal support, fueling speculation the central bank will have to turn to unorthodox policies next year. The governor is due to speak on the subject later this month.

The data showed New South Wales, the most populous state, led unemployment higher, with its rate rising to 4.8% in October from 4.5% a month earlier. Victoria, the next biggest, edged up to 4.8% versus 4.7%. The northern state of Queensland led job losses, shedding 14,000 positions, with NSW losing 10,300.

The RBA has cut rates three times since June seeking to boost hiring and investment, but so far the easing has shown little impact apart from the housing market. The decision to resume cutting aimed in part to prevent the Aussie dollar from rebounding in response to renewed easing by the Federal Reserve.

The U.S. central bank has now signaled it’s on hold after cutting 75 basis points -- the same as the RBA -- and Lowe left rates unchanged last week.

The Aussie dollar slipped to 68.01 U.S. cents at 1:48 p.m. in Sydney, from around 68.38 before the data. It has depreciated more than 16% since early last year.

The central bank, in its quarterly Statement on Monetary Policy released Friday, forecast unemployment to hold around 5.2% through the end of 2020 and for wage growth to remain at 2.3% through 2021. This suggests an acceptance that its strategy of trying to push the jobless rate down to 4.5% -- estimated full employment -- to spark wage growth and return inflation to the 2%-3% target is unlikely to achieve its goals for a while yet.

Data Wednesday showed annual wage growth of 2.2% in the three months through September

What Bloomberg’s Economists Say:

“The RBA’s November SMP forecasts have been tested twice in the first week after publication. Sluggish 3Q 2019 wage growth means a pickup will be needed to reach the RBA’s already downgraded wage forecasts. And momentum in jobs growth now looks to be softening at a faster pace than the RBA’s employment outlook has anticipated.”

James McIntyre, economist

Still, Australia’s labor market has remained remarkably resilient over the past 12 months. Hiring has held up even as the economy decelerated sharply, expanding at an annual 1.4% rate in the most recent reading, about half its estimated speed limit.

Even then, the strong employment failed to translate into a lower jobless rate, as new positions were filled by new entrants to the labor market.

The RBA is betting that a combination of rate cuts and government tax rebates will eventually encourage consumers to spend and keep the economy ticking. Rising house prices and the associated wealth effect are expected to help that cause.

https://finance.yahoo.com/news/australia-employment-unexpectedly-drops-october-003843677.html

https://www.youtube.com/watch?v=1lWJXDG2i0A

Lee King wrote on Nov 14^th, 2019 at 4:34pm:

greggerypeccary wrote on Nov 14^th, 2019 at 2:15pm:

Who's been in government for the last three years? :-/

Turnbull? ;) Morrison is a "moderate" same as.

The corrupt & inept coalition, is the answer.

juliar wrote on Nov 14^th, 2019 at 4:49pm:

Bammy is in Lib bashing GetUp! land.

But how about the jobs they can't fill ?

Read all about it here.

https://www.dailymail.co.uk/news/article-7679833/Top-ten-six-figure-salary-jobs-Australians-dont-want-vacancies-remain-unfilled.html?ns_mchannel=rss&ns_campaign=1490&ito=1490

I'm sure real estate agents can do all of these jobs :D LOL

Sir lastnail wrote on Nov 15^th, 2019 at 10:14am:

I'm sure real estate agents can do all of these jobs :D LOL

Well, they might just be able to do the Pizza Cook, Delivery Driver or Office Cleaner jobs but I'm sure socko (juliar) wouldn't be capable. lol.. ;D

juliar wrote on Nov 14^th, 2019 at 4:49pm:

Well the office cleaner one sounds like BS which means they have prolly left some information out eg need a high security clearance or something. I dont see why else office cleaner would pay so much.

Spot

juliar wrote on Nov 14^th, 2019 at 4:49pm:

Bammy is in Lib bashing GetUp! land.

But how about the jobs they can't fill ?

There aren't any problems with labour shortages. The real problem is with labour mobility.

It's hard to relocate for employment when selling a house incurs tens of thousands of dollars in state government taxes and more costs on top. Why would anyone relocate when they have to work for six months just to pay for the cost of relocation? The ROI is far too long in most cases.

cods wrote on Nov 14^th, 2019 at 4:49pm:

god I bet that news makes the lefties happy.....what! :) :)

It's what we expect from these clowns. What would make us happy would be if they got off their butts and done something to help the economy. but that is quite beyond their capabilities. ;D ;D ;D ;D

Very noticeable in the last few months that the righties are no longer crowing about how well the economy is doing. Absolutely amazing how long these more ons take to realise their "messiah" scummo is a total waste of space and then spend all their time attacking labor and telling us how much worse it would be blah , blah , blah. So,now the economy is going down the gurgler, what are the clowns going to do? Pray? Happy clap? ;D ;D ;D ;D ;D ;D ;D ;D ;D

Australian Politics Forum
http://www.ozpolitic.com/forum/YaBB.pl General Discussion >> Federal Politics >> Aussie job market - Biggest fall in 3 years ! http://www.ozpolitic.com/forum/YaBB.pl?num=1573704570 Message started by Sir lastnail on Nov 14^th, 2019 at 2:09pm