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Tech & Science Shocking graph shows Australia's economy is in deep trouble - and it's not good if you work in architecture

22:32  05 december  2019
22:32  05 december  2019 Source:   dailymail.co.uk

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a person standing in front of a computer: Job seekers are set to have a hard time getting work next year, especially if they are creative. Employment website Seek data showed showed the number of job ads for architects and designers plunged by 24.4 per cent in the year to October (stock image)© Provided by Daily Mail Job seekers are set to have a hard time getting work next year, especially if they are creative. Employment website Seek data showed showed the number of job ads for architects and designers plunged by 24.4 per cent in the year to October (stock image)

Job seekers are set to have a hard time getting work next year, especially if they are creative.

Australia's economy is growing at a sluggish pace despite record-low interest rates and tax cuts of $1,080 for low and middle-income earners.

The Reserve Bank of Australia has advised people wanting a pay rise to switch jobs, as wages growth stagnates, but that career advice is easier said than done.

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During the past year, the number of advertised jobs has plunged by 12.6 per cent, the ANZ bank revealed this week.

Jobs ads fell by 1.7 per cent in November, which followed a one per cent drop in October, even though the Reserve Bank during that month cut interest rates to a new record-low of 0.75 per cent.

Since May 2018, Australian job ads have plunged by almost 15 per cent.

This situation is even worse for architects.

The number of job ads for home designers plunged by 24.4 per cent in the year to October, employment website Seek data showed.

Advertising, arts and media jobs dived by 21.6 per cent, as engineering jobs fell 18.4 per cent.

In fact, jobs ads fell in 23 sectors and rose in just five.

Treasurer Josh Frydenberg acknowledged there was uncertainty - blaming global factors.

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a close up of a map: New South Wales, Australia's biggest state, has the lowest jobless rate of 4.8 per cent. Nonetheless, the number of jobs advertised with Seek plunged by 14.5 per cent during the past year, the steepest drop which was steeper than Victoria's 6.5 per cent and Queensland's 5.5 per cent© Provided by Daily Mail New South Wales, Australia's biggest state, has the lowest jobless rate of 4.8 per cent. Nonetheless, the number of jobs advertised with Seek plunged by 14.5 per cent during the past year, the steepest drop which was steeper than Victoria's 6.5 per cent and Queensland's 5.5 per cent

'I'm just saying that right now, there's obviously some significant headwinds facing the economy,' he told the ABC's 7.30 program on Wednesday night.

'People are looking at the global environment, and there's no doubt there's some uncertainty there.'

Australia's economy grew by 1.4 per cent during the past financial year, the slowest pace since the global financial crisis a decade ago.

Annual growth ticked up to 1.7 per cent in September but this improved figure, unveiled on Wednesday, was still below the long-term average of 3.2 per cent since the 1991 recession.

Australia's unemployment rate rose marginally in October to 5.3 per cent.

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Josh Frydenberg standing in front of a television: Treasurer Josh Frydenberg (pictured) acknowledged there was uncertainty - blaming global factors. Australia's economy grew by 1.4 per cent during the past financial year, the slowest pace since the global financial crisis a decade ago. Annual growth ticked up to 1.7 per cent in September but this improved figure, unveiled on Wednesday, was still below below the long-term average of 3.2 per cent since the 1991 recession© Provided by Daily Mail Treasurer Josh Frydenberg (pictured) acknowledged there was uncertainty - blaming global factors. Australia's economy grew by 1.4 per cent during the past financial year, the slowest pace since the global financial crisis a decade ago. Annual growth ticked up to 1.7 per cent in September but this improved figure, unveiled on Wednesday, was still below below the long-term average of 3.2 per cent since the 1991 recession

New South Wales, Australia's biggest state, had the lowest jobless rate of 4.8 per cent.

Nonetheless, the number of jobs advertised with Seek in NSW plunged by 14.5 per cent during the past year, which was steeper than the Northern Territory's 11.2 per cent decline, Victoria's 6.5 per cent fall and Queensland's 5.5 per cent drop.

a screenshot of a cell phone: In fact, Seek jobs ads fell in 23 sectors and rose in just five in the year to October 2019© Provided by Daily Mail In fact, Seek jobs ads fell in 23 sectors and rose in just five in the year to October 2019

Last month, the Reserve Bank's deputy governor Guy Debelle suggested workers could get a five per cent pay rise if they found a new job or gained a promotion - more than double the national average of 2.2 per cent.

'Promotions can be a key source of earnings growth for individuals,' he told the Australian Council of Social Service's national conference in Canberra.

'On average, a promotion leads to a five per cent boost in hourly wages, which is comparable to the wage rise a worker gets when switching firms.'

Morrison govt 'faces its biggest challenge' on the economy .
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