Full Time Jobs and Job Ads Falling

Australia lost 15,400 full-time jobs in September, the worst performance in two years. However there was an increase in part-time worker numbers – 17,700 new part-time positions were created, leading to an overall increase in jobs of 2,200, according to figures just released by the Bureau of Statistics

With demand slowing, Australian businesses have been cutting employee numbers and the unemployment rate rose to 4.3% in September from 4.1% in August.

Australia’s central bank cut interest rates by a whole one percent yesterday in an attempt to lessen the effects on Australia’s economy of the credit squeeze.

The Australian currency has been dumped by traders on the foreign exchanges recently, losing 10 percent of its value against the Pound since the beginning of October. Since late July the dollar has dropped 16 percent against the Pound.

The falling value of the Australian dollar has been welcomed by migrants who are looking to move cash to Australia. A combination of falling property prices, a falling Australian currency and falling interest rates means residential property in Australia has become much more affordable in just three months for migrants with some cash to bring into the country.

Job ads suffered their biggest fall for more than seven years in August, according to the ANZ Bank and several well known companies have announced job losses, including Ford, Quantas, Holden, and the ANZ Bank. Unfortunately, many Australian economists believe the worsening global financial crisis will lead to further job cuts. It’s likely Australia’s central bank will feel the need to make further interest rate cuts before the end of the year.