With the release of the latest labour account figures, it was revealed that the total number of filled jobs in the economy contracted for the first time since the March quarter of 2021.
In the years since the Global Financial Crisis and in particular since the onset of the pandemic, the Australian economy has become heavily reliant on non-market jobs growth to drive overall employment growth. Non-market jobs are defined by the ABS as those in Public Administration and Safety, Education and Healthcare and Social Assistance.
In short, effectively employment in sectors of the economy that overwhelmingly taxpayer funded. This has come to be known in some circles as the taxpayer funded jobs printer.