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Unemployment Rate Remains Steady for October

While the unemployment rate remains steady, apprenticeship and traineeship pathways may be the answer to ongoing high youth unemployment in Australia.

Unemployment Rate Remains Steady for October

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The trend unemployment rate in Australia has remained steady again for the fourth month in a row at 5.3%, according to the latest information released by the Australian Bureau of Statistics earlier this week.  This figure is 0.2 percentage points higher than the same time last year, according to ABS Chief Economist Bruce Hockman.

“The increase in the unemployment rate over the past year has coincided with a 0.5 percentage point increase in the participation rate, from 65.6 per cent to 66.1 per cent,” said Mr Hockman.

Trend employment increased by around 268,500 people (2.1%), which is just above the average annual growth over the past 20 years (2.0%).

Underemployment and underutilisation remains at 8.5% and is still a major concern, particularly for young people. With youth unemployment at a 12% high (more than double the nation’s unemployment rate), more opportunities for young people to gain skills that are relevant to today’s workforce is crucial for the Australian economy.

“BUSY At Work recognise that young people entering the workforce can find it tough and gaining a foot in the door is the hardest first step. Through apprenticeships and traineeships, employers can support a young person’s career development while also developing future skills for their business.

With so many government incentives available to support employers and apprentices, it makes sense to steer young people and business towards apprenticeships”, Paul Miles, Managing Director at BUSY At Work stated.

ore information regarding employing an apprentice or trainee in your workplace, including available incentives for employers, can be found on the BUSY At Work website at www.busyatwork.com.au

 

References:

 

Australian Bureau of Statistics

 

MEDIA CONTACT:                     

Manjari Ferguson, BUSY At Work

0436 422 757  or email Manjari.ferguson@busyatwork.com.au

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