Australia's real unemployment rate is 20%, worse than Euro basket cases, Roy Morgan reveals truth; ABS credibility destroyed, we can't believe them on house prices or unemployment
Tweet Topic Started: 7 Feb 2013, 05:44 PM (6,044 Views)
The government has been masking it too by massaging the figures, and in many cases, redesigning whole statistical measures. They have done the same with unemployment, but to be fair (as some here insist we be) how could they not and still keep confidence in the nation.
Negative gearing is a form of leveraged speculation in which a speculator borrows money to buy an asset, but the income generated by that asset does not cover the interest on the loan
A negative gearing strategy can only make a profit if the asset rises so much in price that the capital gain is more than the sum of the ongoing losses over the life of the speculation. http://en.wikipedia.org/wiki/Negative_gearing
This Roy Morgan survey on Australia’s unemployment and ‘under-employed’* is based on weekly face-to-face interviews of 344,309 Australians aged 14 and over between January 2007 – August 2013 and includes 3,988 face-to-face interviews in August 2013.
In August 2013 an estimated 1.25 million Australians (10.1% of the workforce) were unemployed. This is down 16,000 (0.0%) from last month. The Australian workforce* was 12,377,000 (down 186,000) comprising 7,440,000 full-time workers (up 26,000), 3,686,000 part-time workers (down 196,000) and 1,251,000 looking for work (down 16,000) according to the Roy Morgan monthly employment estimates. These figures do not include people who have dropped out of the workforce and given up looking.
Among those who were employed 1,006,000 Australians (8.1% of the workforce*) were under-employed, i.e. working part-time and looking for more work. This is 125,000 fewer than a month ago (down 0.9%).
In August an estimated 2.257 million Australians (18.2% of the workforce) were unemployed or under-employed. This is down 0.9%, or 141,000 from July, but much higher than 12 months ago in August 2012 (up 126,000, 0.9% from 2.131 million).
Of those looking for work an estimated 631,000 Australians (up 15,000) were looking for full-time work, while 620,000 (down 31,000) were looking for part-time work.
The latest Roy Morgan unemployment estimate of 10.1% is a substantial 4.4% more than currently quoted by the ABS for July 2013 (5.7%).
Gary Morgan says:
“Today’s Roy Morgan employment estimates do not provide much good news for the Rudd Government with only a few days to go before the Federal Election. The overall level of unemployment in Australia is unchanged at 10.1% (1,251,000) in August, although the number of under-employed has dropped to 8.1% - 1,006,000 (down 0.9%, 125,000).
“However, the number of employed Australians has dropped to 11,126,000 (down 170,000). This represents a seven-month employment low and is the lowest level of employment since January 2013 (10,812,000). Driving this fall in employment was a large drop in part-time employment – down 196,000 to 3,686,000. Full-time employment rose slightly, up 26,000 to 7,440,000.
“The fall in employment in August is unusual. Employment has risen in August in five out of the last six years – including in 2010 in the lead-up to the last Federal Election. The continuing high level of unemployment and under-employment in Australia shows the Australian economy urgently requires additional stimulus as the mining boom slows.
“The new Federal Government elected on Saturday must undertake major reforms to Australia’s Industrial Relations (IR) laws to help the private sector and provide the stimulus required to ‘re-start’ the Australian economy and get businesses hiring in greater numbers again. In addition the new Government must take action to eliminate the artificially inflated (non-commercial) wages and benefits paid in the public sector; and tomorrow the RBA must cut Australian interest rates by at least 0.5% at its monthly interest rate setting meeting.”
This Roy Morgan survey on Australia’s unemployment and ‘under-employed’* is based on weekly face-to-face interviews of 344,309 Australians aged 14 and over between January 2007 – August 2013 and includes 3,988 face-to-face interviews in August 2013.
*The ‘under-employed’ are those people who are in part-time work or consultants who are looking for more work. (Unfortunately the ABS does not measure this figure in their monthly unemployment survey.)
If there are so many unemployed people, so no jobs and no income how come vacancy rates are incredibly low and who pays the rent?
The same people you leech off, tax payers, for themselves and those on benefits.
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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