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45,000 jobs could go in next 3 months: ANZ.

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Cheryl Kernot - 45,000 Jobs Could Go In Next 3 Months: ANZ Wednesday, 06 June 2001

45,000 Jobs Could Go In Next 3 Months: ANZ Cheryl Kernot - Shadow Minister for Employment and Training

Media Statement - 4 June 2001

Today's ANZ job ad series now stands 35% lower than in May last year. Despite a 1.1% rise in May, the series continues to trend down, recording a fall of 3.2% last month.

The series also points to continued job losses, with the ANZ's Saul Eslake stating that:

"Based on our more general reading of economic trends, we expect employment to decline by an average of 10-15,000 jobs per month over the next three months. ●

Commenting on the ANZ job ad series, Cheryl Kernot, Shadow Minister for Employment and Training said today:

"The job losses forecast by ANZ are deeply worrying and if they are realised will affect tens of thousands of Australian families.

"The ANZ Job Ad series has proved its accuracy, which is why it is so vital that the Government addresses the issue of training for the unemployed, and for existing workers now.

"The Welfare to Work measures contained in the Budget need to be brought forward, the unemployed as well as those who face retrenchment cannot afford to wait another 16 months.

"The Government has already admitted that the Job Network could perform less effectively under a decline in Australia's economic performance:

"Preliminary evidence suggests that effectiveness is somewhat greater in stronger labour markets. This prompts questions about the relative effectiveness of Intensive Assistance under more depressed economic conditions e.g., if there were an economic downturn." Job Network evaluation stage 2 (11 May 2001)


This decline in the ANZ series and a corresponding rise in unemployment is as a direct result of the introduction of the GST.

Since the GST was introduced there has been:

A rise in the unemployment rate of 0.7 percentage points; ● An increase in the number of unemployed by 79,400; ● A halving in the rate of jobs growth; ● A fall in the number of full time employed people of 51,700; ●

A one-third fall in the ANZ Job Ad series. ● Authorised by Geoff Walsh, 19 National Circuit, Barton ACT 2600.

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