The paper "Main Features of the Australian Labour Market in 2014" is an outstanding example of a macro and microeconomic assignment. The Australian labour market underwent a tremendous change in the year 2014 compared to 2013. The unemployment rate decreased while the employment rate increased. The signs of improvement in the labor market denote some economic growth as revealed by the statistics of 2014. This part of the essay is based on the statistical features and then the explanation of their impact on the employment relationship. The employment increased to 11, 725,000 while the unemployment decreased to 767,500.
The unemployment rate decreased by 0.1% in 2014. This was due to an increase in full-time employment. The participation rate stagnated at 64.8%. The aggregate monthly hours worked in Australia increased by 6.9 million hours. Generally, the unemployment rate is still high in Australia. The participation rate is stagnant as has been in the past 8 years. Additionally, the ratio of the working-age population’ s employment has declined significantly. The wage growth has also declined and as per the 2014 statistics it was below average.
There has been an increase in the demand for labor supply in the non-mining economy. The supply of labor also decreased the result of the ageing population and the discouraged worker effect. The rate of wage growth has stagnated at 4% due to inflation. Based on Gender women, comprised of 45.9% of all the employees with a slightly higher percentage of this working fulltime and slightly lower percentage working part-time. Of all the part-time employees, women constitute a two-third and the rest are men. The full-time employees are mainly men with women only accounting for a third percentage.
The rate of participation for men is 71.1% whereas that of women 58.4%. 31.8% of all the men in the workforce had attained a bachelor degree and above compared to 39.2% of women. 55.7% of the aged individuals receiving pension were women.