#parttime

A reminder of where Aussies are employed

Graph 7: This graph shows the proportions of forms of employment, by industry. Construction has the highest proportion of independent contractors while agriculture has the highest proportion of other business operators

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.

59yo COO sues Fujifilm Australia for ageism

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The Australian Financial Review (AFR) reports that one of Fuji Film Australia’s executives, COO David Marshall is suing for ageism. There is a sense of irony in that the Chairman of Fujifilm Japan is 78. The AFR reports,

At a dinner at Melbourne’s Rococo restaurant in 2015, former Fujifilm CEO Kevin Masuda allegedly stood up and pointed at Mr Marshall, laughingly saying “Dave is too old” in front of senior clients…During 2017, Mr Koshimizu repeatedly referred to himself in front of Mr Marshall as “old, like past 60, retirement age” and allegedly told him Fujifilm “wants you to find the next Mr Marshall” and it was looking for a “young, strong” team.’We need a younger person’

On May 18, during a dinner at Palace Hotel in Tokyo, the chairman Mr Koshimizu told Mr Marshall “Dave, you and I are old too. We need a younger person to make strong as a general manager.”

Retirement is a hot issue in Japan. Corporates are retiring expensive workers (who are often paid based on seniority) and reemploying them as ‘advisors’ (pp.15-24) on relatively paltry sums of $1,000/mth. While it is not unusual here, it would be rather strange if Fujifilm in Australia were to make such a rookie mistake in trying to flip a worker approaching 60. In 1984 85% of male employees were full time vs 62% odd today. It isn’t surprising to see the most active demographic seeking work aren’t young uni grads but the elderly struggling to make ends meet.