It is worth reflecting on which industries the bulk of Aussie jobs sit. This schematic is from the Australian Bureau of Statistics (ABS).
We have the heaviest tilt toward healthcare and social assistance at over 1.7 million jobs. Retail trade comes in at a shade over 1.2 million jobs. Construction at 1.15 million. Education 1.1 million. Accommodation/restaurants/bars etc at 900,000. Manufacturing another 900k.
There are 13.1 million Australians employed as of February 2020. Full-time employment amounted to 8,885,600 persons and part-time employment to 4,124,500 persons.
That means in the six aforementioned sectors, 53% of Australians in the workforce are employed.
Note that since 1978, Australia has had a 1.74x increase on Full-Time employment and a 4.6x jump in Part-Time in that time. That means the ratio of FT jobs has fallen from 84.9% to 68.3% and PT rose from 15.1% to 31.7% over the same period.
PT employment for men has surged by 6.9x to 1.31 million and female PT jobs have grown 3.9x to 2.8 million.
FT employment for men has increased 1.5x for men to 5.53 million jobs and for women, it has grown 2.8x to 3.35 million.
There are also 708,000 workers aged 40-64 who have multiple jobs. This is up from 646,000 in 2011/12. Total people working in multiple jobs has increased from 1.85 million in 2011/12 to 2.105 million in 2016/17.
We don’t think that the RBA’s latest 0.25% + QE, nor federal/state spending in the current climate can see off mass unemployment. We have written about this in previous posts. We wrote a larger tome on the dire straits facing central banks here.