The National Skills Commission (NSC) has released its first public report providing a snapshot of the current state of Australia’s labour market, revealing the scale of the economic challenge facing Australian workers and businesses during the COVID-19 recovery.
Interim National Skills Commissioner, Adam Boyton said the newly formed NSC had come into being at a critical time.
The Commission’s report, A snapshot in time: Australia’s Labour Market and COVID-19, reveals that for the first time in over 20 years Australia’s unemployment rate had risen above seven per cent, while employment fell by over 835,000 from March to May.
Its data shows that young people have been greatly impacted by COVID-19, accounting for around 45 per cent of the total decline in employment in May, despite comprising just 16 per cent of the population.
“This has resulted in youth unemployment surging to 16.1 per cent,” the Commission said.
“There has also been a decrease in female employment, falling by 117,700 in May following a fall of 328,000 in April (this being the largest monthly decline on record).”
The Commission said that while women comprised 46.9 per cent of total employment in May, they accounted for 53.4 per cent of the decrease in employment over the past two months.
The Department of Education Skills and Employment welcomed the report saying it provided a clear picture of what was happening in the labour market, where the biggest changes were occurring as well as examining the current and future skills Australians need to get jobs.
“The report highlights that while very modest signs of recovery are emerging, for example there is a small increase in employers looking to hire, much uncertainty remains about what jobs will be in demand,” the Department said.
The Commission’s 55-page report can be accessed at this PS News link.
