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The below table from Roy Morgan shows that the total growth in employment (+268,000) in the year to June failed to keep pace with the surge in the labour force (+715,000), mostly via record immigration.
Accordingly, the number of unemployed (+447,000) and underemployed (+189,000) people has surged:
This is a trend that will continue as migrant workers continue to flood into Australia at a record pace while the economy slows via the RBA’s ultra-aggressive monetary tightening.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.