The latest Roy Morgan employment series data shows 1.81 million Australians unemployed (12.8% of the workforce).
- The workforce was up slightly:
The workforce in October was 14,158,000 – comprised of 12,348,000 employed and 1,810,000 unemployed Australians looking for work. The workforce total was up slightly by 10,000 since September as gains in employment outpaced the decline in unemployment.
- More Australians were employed in October as part-time employment was up strongly:
12,348,000 Australians were employed, up 28,000 from September, driven by the increase in part-time employment up 59,000 to 4,388,000, while there were 7,960,000 employed full-time, down 31,000.
- Fewer Australians were looking for work:
1,810,000 Australians were looking for work (12.8% of the workforce), down 18,000 from September. There were fewer people looking for part-time work, down 76,000 to 1,020,000 but there was an increase of 58,000 people looking for full-time work to 790,000.
Roy Morgan’s unemployment figure of 12.8% for October is significantly higher than the current ABS estimate for September 2020 of 6.9%.
However, the ABS figure for September estimated a large decline in the size of the workforce since March which they said was down 228,000.
The ABS also count an additional 199,000 Australians who were working zero hours in September for economic reasons as ‘employed’.
If these non-workers are added the ABS unemployment estimate for September increases to 1.36 million (9.9%).
- Under-employment virtually unchanged in October:
In addition to those who were unemployed 1.34 million Australians (9.4% of the workforce) were under-employed – working part-time but looking for more work. This was a small increase of 7,000 on a month ago driven by the increase in part time employment.
In total 3.15 million Australians (22.2%) were either unemployed or under-employed in October, an improvement of 11,000 on September according to the latest Roy Morgan employment estimates.
Compared to early March, before the nation-wide lockdown was implemented, there were almost 1 million more Australians either unemployed or under-employed (+6.6% points).
Michele Levine, CEO Roy Morgan, says:
“Roy Morgan’s unemployment measure for October shows 1.81 million Australians were unemployed (12.8% of the workforce) with an additional 1.34 million (9.4%) under-employed. In total 3.15 million Australians (22.2%) were unemployed or under-employed – down 11,000 on a month ago.
“The unemployment and under-employment estimates for October are the first after the Federal Government reduced the size of the JobKeeper wage subsidy, from $1,500 per fortnight to $1,200 per fortnight for full-time workers and cut in half to $750 for part-time workers.
“The JobSeeker Coronavirus Supplement was also cut by $300 per fortnight as most of Australia continued to open up. However, it is important to remember that Victoria continued in Stage 4 lockdown until the last few days of October and the Queensland border to NSW only (partially) re-opened this week in early November.”
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on
A perfect storm is brewing for our property markets in 2021-22, an you can trust the team at Metropole to provide you with direction, guidance and results.
In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.
If you’re looking at buying your next home or investment property here’s 4 ways we can help you:
- Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! This will give you direction, results and more certainty. Click here to learn more
- Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property. Click here to learn how we can help you.
- Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
- Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.