TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Australia

Why you could finally be in for a wage rise next year as Josh Frydenberg makes jobless prediction

by souhaib
April 29, 2021
in Australia
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

Fears the Bondi Covid cluster has spread 60km away as a childcare centre is forced to close

China accused using UNESCO puppet against Australia over Great Barrier Reef world heritage listing

Queensland slams its borders shut to Sydney Covid hotspots

Why you could finally be in for a wage rise next year as Josh Frydenberg makes a startling prediction about unemployment levels

  • Treasurer Josh Frydenberg forecasting pre-pandemic unemployment by 2022
  • Jobless rate was 5.1 per cent in February 2020 rising to 7.5 per cent by July 2020
  • It fell back to 5.6 per cent in March 2021 with job vacancies at a 12-year high 

By Stephen Johnson, Economics Reporter For Daily Mail Australia

Published: 07:23 BST, 29 April 2021 | Updated: 08:47 BST, 29 April 2021

Australians could finally get a decent pay rise from next year with Treasurer Josh Frydenberg dropping a key hint.

Wages last year grew by just 1.4 per cent and have been at below-average levels under 3 per cent since 2013.

Nonetheless, Mr Frydenberg is expecting Australia’s unemployment rate to get back to pre-Covid levels by as early as next year, counting from the start of the pandemic.

‘In stark contrast, following this recession, we are on track for the unemployment rate to recover in around two years,’ he told the Australian Chamber of Commerce and Industry.

Australians could finally get a decent pay rise from next year with Treasurer Josh Frydenberg dropping a key hint. Pictured is Sydney Broadway Shopping Centre supervisoer Kitty Ruce

The government, via the May 11 budget, is aiming to take the jobless rate below 5 per cent for the first time since the start of the Global Financial Crisis in 2009.

Australia’s jobless rate stood at 5.1 per cent in February 2020, a month before the Covid lockdowns, but by July last year, it rose to 7.5 per cent – the highest level since November 1998.

In March, the jobless rate fell to 5.6 per cent from 5.8 per cent a month earlier as JobKeeper wage subsidies finished, Australian Bureau of Statistics data showed.

AMP Capital chief economist Shane Oliver said Australia’s jobless rate would have to fall closer to 4 per cent for wages growth to return to levels above 3 per cent.

But he said residential construction, transport infrastructure and manufacturing jobs were likely to see decent wage increases much sooner.

‘Some sectors might see pretty good growth,’ Dr Oliver told Daily Mail Australia. 

Treasurer Josh Frydenberg is expecting Australia's unemployment rate to get back to pre-Covid levels by as early as next year, counting from the start of the pandemic

Treasurer Josh Frydenberg is expecting Australia’s unemployment rate to get back to pre-Covid levels by as early as next year, counting from the start of the pandemic

Australia’s labour market recovery is certainly a lot quicker than the previous recession of 1991, with job vacancies in March 2021 soaring to a 12-year high.

The number of jobs advertised on the internet last month stood at 238,700 with the count of available positions almost doubling since the Covid lockdowns in March 2020, the National Skills Commission revealed.

Three decades ago, unemployment continued to climb after the 1991 recession, hitting a six-decade high of 11.2 per cent by December 1992.

Australia’s jobless rate didn’t drop below 6 per cent until August 2003 or drop under 5 per cent until August 2005.

AMP Capital chief economist Shane Oliver said Australia's jobless rate would have to fall closer to 4 per cent for wages growth to return to level above 3 per cent. But he said residential construction, transport infrastructure and manufacturing jobs were likely to see decent wage increases much sooner. Pictured is a Melbourne house under construction

AMP Capital chief economist Shane Oliver said Australia’s jobless rate would have to fall closer to 4 per cent for wages growth to return to level above 3 per cent. But he said residential construction, transport infrastructure and manufacturing jobs were likely to see decent wage increases much sooner. Pictured is a Melbourne house under construction

From December 2005 until the GFC, wages growth was consistently above 4 per cent.

The Reserve Bank of Australia governor Philip Lowe has promised to leave interest rates on hold at 0.1 per cent until 2024 ‘at the earliest’ arguing wages needed to increase first. 

‘For this to occur, wages growth would need to be materially higher than it is currently,’ he said.

‘This would require significant gains in employment and a return to a tight labour market.’

Share or comment on this article:



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Tags: dailymail australia
Share30Tweet19
Previous Post

Kate Middleton dons £195 floral Ghost dress for 10 year anniversary portrait with Prince William

Next Post

Prosecutors claim Jack de Belin walking into a bathroom naked is crucial to finding him guilty 

souhaib

Recommended For You

Fears the Bondi Covid cluster has spread 60km away as a childcare centre is forced to close

by souhaib
June 23, 2021
0

Fears the Bondi Covid cluster has spread 60km away as a childcare centre in Sydney's south-west is forced to close after a positive case spent a day there Little...

Read more

China accused using UNESCO puppet against Australia over Great Barrier Reef world heritage listing

by souhaib
June 23, 2021
0

2019: Australian intelligence services conclude that China was responsible for a cyber-attack on Australia's parliament and three largest political parties in the run-up to a May election.April 2020:...

Read more

Queensland slams its borders shut to Sydney Covid hotspots

by souhaib
June 23, 2021
0

Queensland slams its borders shut to Sydney hotspots as New South Wales battles a growing Covid clusterQueensland slams borders shut to anyone from Sydney's hotspot suburbs Anyone entering from...

Read more

UEFA denies Munich mayor’s Euro 2020 rainbow stadium gesture to protest against a Hungarian law

by souhaib
June 22, 2021
0

UEFA has refused a request from Munich's mayor for a stadium to be lit in rainbow colours for Germany's Euro 2020 match against Hungary on Wednesday in protest...

Read more

England march on in Euro 2020, but it’s group stage agony for Scotland

by souhaib
June 22, 2021
0

Who could England face in the Round of 16? England have won Group D That means they will face the runners up of Group F - the so-called 'Group of...

Read more
Next Post

Prosecutors claim Jack de Belin walking into a bathroom naked is crucial to finding him guilty 

No Result
View All Result

Recent Posts

  • NBA: Michael Jordan denies a photo to some kids, “lower that shit”, and it is on networks: “LeBron will never do it”
  • The gun challenge in the US | Opinion
  • The 4 cases to resolve for the Supreme Court
  • In the United States, the Pride Marches seize the question of abortion
  • Celebrities call for Justin Bieber’s recovery

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide