The Roy Morgan Research released on December 1st has exposed that three Australian states have a higher than 20% unemployment and under-employment rate. At an average of 20% nationally, approximately 4.8 million (4.891,168) Australians suffer from unemployment or under-employment.
Gary Morgan, Executive Chairman, Roy Morgan Research, said: “Analysing Australian unemployment trends around Australia reveals a shocking picture with the return of the ‘two-speed’ economy – however, the ‘boot’ is now on the other foot. Australian unemployment and under-employment is now clearly below the national average in Australia’s two largest States of New South Wales and Victoria and above the national average in the four smaller States of Queensland, Western Australia, South Australia and Tasmania.
Special analysis of Roy Morgan Research real employment estimates in each State over the past three months shows unemployment and under-employment are a growing problem in Australia’s four smallest States of Queensland, Western Australia, South Australia and Tasmania – all four of which now have total unemployment and under-employment above the national average.
Australian underemployment triggers mortgage stress in a third of Australian households with home loans serviced by dual-incomes, new research has revealed. The Australian mortgage belt is heavily reliant on two incomes to meet bank loan repayments. With the highest household debt in history, a third of owner occupier home loans could face mortgage stress if one of the borrowers becomes unemployed or is forced into underemployment. Australian underemployment has reach a historically high of 8.7 per cent and has triggered an increase in the number home owners unable to meet their home loan repayments, according to the global credit rating agency Fitch Ratings. Dual-income households has now been identified as an Australian banking risk should repayments rise or employment conditions sour further based on their ability to service repayments.