The Labour Market national summary figures look strong, but a detailed examination shows structural and demographic weaknesses. Many of the new jobs for men are part time, the figures for retail and hospitality are very soft and half of the jobs created are once again in the industries which tend to be ultimately funded or regulated by the Commonwealth – or rather future generations of taxpayers.
Those who have joined the labour force in the last 12 months have usually entered through lower paying, casual jobs and this has done little to generate higher value private sector jobs outside professional services.
Some higher income jobs in finance and real estate have also been lost and these seem to have impacted many families paying high mortgages with commensurately high levels of mortgage stress.
At the moment with very low interest rates this has not presented as a problem, but it will if it persists through to the period when interest rates again rise to normal levels.
FULL REPORT – ADS Jobs Profile May Qtr 2015 final.pdf