Stressful Times

Unemployment is having a bigger impact on a larger proportion of the population than the official jobless rates would suggest.

CoreData research reveals 10 per cent of households have been affected by unemployment over the past three months due to household members losing their jobs, yet official numbers of those out of work sit at around 5%.

These figures are getting worse though with the Federal government being forced to concede last week its recent February projections of 5.2 per cent unemployment by 2010 would probably reach 7 per cent.

The relative robustness of the Australian economy is therefore masking the fact that significant numbers of the population are being impacted from the slowing economy.

CoreData research reveals those households most affected are families, arguably those at or reaching their peak career earning capacity (12.9%).

Also more affected are those just getting into the swing of a career and are perhaps less embedded in a company – 10.7 per cent of those aged between 21 and 30 had direct exposure to unemployment over the past three months.

In terms of regions, it seems the smaller populated areas of ACT, Darwin and SA have had a higher proportional exposure to unemployment as a result of the downturn.

The three most populous states and territories, NSW, QLD and VIC reported the lowset levels of household unemployment (excluding the Tas, which had only 4.2 per cent).