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Job ads show economy in depth of recession



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NEWS RELEASE JOHN HOWARD, M.P.

M EM B ER FOR BENNEI.ONG S H A D O W M I N I S T E R r OR INDUSTRIAL R E L A T IO N S , E M P L O Y M E N T 6 T R A I N I N G

IRET 18/91

EMBARGO; MIDNIGHT SUNDAY 7 APRIL 1991

JOB ADS SHOW ECONOMY IN DEPTH OF RECESSION

It is apparent from the continuing decline in the ANZ's job advertisement series and the ABS's job vacancies series that the economy remains in recession.

Both are coincident indicators of economic activity. Both continue to run at rates more than 50 per cent lower than a year earlier.

The situation in Victoria, where the job vacancy rate is nearly 75 per cent lower than last year, is disastrous.

Both series are leading indicators of changes in actual employment, so their continuing decline indicates a continuing decline in employment, a continuing rise in unemployment, and lengthening dole queues.

The unemployed are victims of the "recession we had to have" - victims of the policies of the Labor Government and the ACTU.

Their Accord not only has failed to achieve a significant structural improvement in the current account deficit, but is now generating rising unemployment in spite of continually falling real wages.

An across-the-board national wage case decision, which did not tie wage increases to productivity increases at individual enterprises, would make an already bad situation worse.

A federal Labor Treasurer once said that "one man's wage increase is another man's job".

That will remain the case until we have genuine enterprise bargaining outside the centralised system under a Liberal- National Party Government.

SYDNEY 7 April 1991.