Unemployment occurs when people are without work, it is also known as joblessness. In order that the prevalence of unemployment can be measured, a calculation is made by the division of the number of unemployed individuals by all individuals currently in the labor force, this yields a percentage rate.
Unemployment in Australia
The rising rate of Australian unemployment and the employment slowdown poses a challenge for the new Australian administration. The prevalence of youth unemployment will be a particular challenge, as the rate of full-time jobseekers in the 15 to 19 year-old age group rose to 25.5 percent in early July. The adult unemployment rate in 2013 was at just over 5 percent. The problem of youth unemployment is a direct result of the marked reduction in the number of entry-level jobs in the labor market in the past few decades. With an ageing workforce and an even more rapidly aging population, the problem is set to become even more serious. There is little doubt that a high rate of unemployment among the youth will have an adverse affect on the future productivity and retirement of the workforce of today.
The unemployment rate in Australia is a serious problem. Long term unemployment - and the unemployed youth especially - will result in the loss of productivity in Australia and put greater pressure on the health, welfare systems and other public services in the future. Unemployment inevitably leads to poor living standards and poverty, which is why it is something to be tackled.