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Australia’s unemployment rate has jumped to 4.5% in April to reach the highest in about four and half years, amid fears rising interest rates and the global oil crisis will smash economic growth.The surprise rise in unemployment will provide the Reserve Bank with more reason to hold off on a fourth rate hike at its next meeting in June, as financial markets slashed the chance of more interest rate rises this year.The number of employed people unexpectedly fell by 18,600 in the month – the first decline this year – dragging the jobless rate up from 4.3%, according to the Australian Bureau of Statistics.Sign up for the Breaking News Australia emailThe chief economist at Betashares, David Bassanese, said there were “tentative signs suggesting the labour market is buckling”.“Of course, whether the RBA raises rates again depends on inflation outcomes and whether the labour market weakness evident in April was merely a quirky one-off or part of a softening trend,” Bassanese...

About SleekSleek.com is your one-stop shop for everything back office related, from setting up your company to handling day-to-day accounting, taxes, ASIC/ATO compliance, payroll and more – all on a single platform.We take a human-first approach, using technology to tackle the boring stuff so you can focus on building your business. Our expert team is always here to give you personalised advice, with in-house tax experts who can handle your big questions.With a presence in Australia, the United Kingdom, Singapore, and Hong Kong, we’ve gained the trust of over 450,000+ modern businesses, and are a team of 500 strong devoted to your success. Source link...

The Australian Taxation Office (ATO) has revealed the highest paying jobs across the country, with the top role bringing in nearly $520,000 a year. The list is based on the tax return data of millions of Aussies and gives a comprehensive insight into how much people are earning. Surgeons were once again named the top earners in Australia, making an average of $519,998 a year. This was up nearly $47,500 from the previous year and accounts for 4,280 workers in the country. For context, this means surgeons are earning more than six times the average taxable income of $78,127 over the same period. RELATED Medical professionals once again dominated the list, making up half of the...

This year, some of Australia’s biggest and best known companies – Telstra, National Australia Bank (NAB), Officeworks and Woolworths – have decided to cut jobs locally, while creating more overseas. Those will mainly be in India, the Philippines and Vietnam. Sending jobs offshore – also known as “offshoring” – is not new. For decades, companies have shifted call centres, routine processing and back office work offshore. Now, firms are also increasingly moving other higher value roles overseas. These include technology development, artificial intelligence (AI), analytics, cybersecurity, finance, digital operations and even human relations. These are not peripheral activities. They are the capabilities that help organisations innovate, solve problems and compete. Australian companies are not simply moving work offshore. They are globalising key parts of their corporate brain. What’s been announced? A series of announcements this year suggest this “offshoring” shift is accelerating among leading Australian companies. It’s hard to give specific job numbers for each company, as some of these have come from...

It was 1994 and the then prime minister, Paul Keating, had a problem.Me.I was about to graduate with an arts degree, smack-bang into the middle of the “recession we had to have”. With not much of a plan, I seemed destined to swell the ranks of those – as Tracy Chapman sang – “wasting time in the unemployment lines”.I’d entertained tepid thoughts of applying for the public service, even going so far as to register for the national exam.Jay Martin in the kitchen of a share house in 1995, the year she found herself behind the front counter of the CES. Photograph: Supplied by Jay MartinBut, you see, our share house fridge had carked it. And on the day of the test, we got wind of a reconditioned one going cheap, and no other housemates could be found.Fridge or job?Well, there would be other job offers, I reasoned (hoped?). There might not be any other cheap white goods. So I...

Artificial intelligence has yet to cause widespread job losses but the federal government has warned that telemarketers, advertising staff and accountants are among the occupations “most exposed” to being replaced by the technology.According to a first-of-its-kind national report, people in the more exposed occupations are more likely to be women and have university qualifications.They include clerks, retail managers, software programmers, accountants, receptionists and advertising and marketing professionals, according to data from Jobs and Skills Australia (JSA) contained in the AI and Employment in Australia report.Sign up for the Breaking News Australia emailJobs deemed as the “least exposed” to AI displacement are filled by those with the lowest level of university qualifications and the highest level of vocational training, including tradespeople and aged care workers.Chart showing workers in the most exposed occupations are more likely to be women and have tertiary qualifications than those in the least-exposed occupationsNext week, the Albanese government is expected to reveal updated plans on how to...

The share of Australian workers who change employers in a given year has decreased a lot. In fact, this rate has more than halved since the 1970s, according to official statistics. Why is this, and does it matter? We explored this in a recent paper. It turns out the decline is actually smaller and more recent than official statistics suggest. Demographic change explains the decline in the years before the global financial crisis in 2008. In particular, young workers change jobs much more often than older people and the workforce is getting older. However, there are several reasons for the more rapid decline since the financial crisis. Many of these are cause for concern. But it’s not all bad news. Why is job mobility important? There is no ideal rate of job switching. However, the share of people changing jobs is often seen as an indicator of how dynamic the economy is. The Productivity Commission has also been focused on ways...

Australia’s biggest media company, Nine Entertainment, has blamed the “extreme state of disruption” from AI for its decision to cut another 30 newsroom jobs at the Sydney Morning Herald and the Age.On Tuesday, the managing director of publishing, Tory Maguire, told staff the company was looking to cut “around 30” positions, made up of voluntary and targeted redundancies. Maguire said the exercise was not simply a matter of cutting costs, but was an “evolution” to adapt to structural change.“In the last 12 months, as we have discussed many, many times at the publishing town halls, we are in an extreme state of disruption because of AI,” she said.The company has plans to retrain and to hire people for “digital-first, reader-savvy, data-informed roles”.Maguire said the Australian Financial Review, which won’t be affected by the restructure, is more evolved than the Age and the Sydney Morning Herald in terms of a digital-first approach, as it has had a paywall since 2007.Sign up...

Photo: This Is Engineering / Pexels Occupations typically held by women and university graduates, including roles in telemarketing, advertising and accountancy, are among those most at risk of being replaced by artificial intelligence (AI), the Australian government warned in a national report published on 30 June.The report, titled ‘AI and employment in Australia’, was the Australian government’s first effort to track data on the effect of AI technology on job security.Drawing on data from labour market insights body Jobs and Skills Australia, it said that cognitive roles such as “clerks, programmers, and administrative roles” bore the highest exposure to AI replacement, while manual roles including “carers, tradespeople, and drivers” bore the lowest exposure.The report explained that “nearly 70% of workers in the least-exposed group” were male, while women were “thought to be susceptible to automation because they are disproportionately employed in exposed occupations”. Specifically, it described male-dominated “manual” jobs, such as “plumbers and forklift drivers”, as among those broadly insulated...