[lbo-talk] Unemployment at 13-year low in Australia

[Grant Lee]

> Well, there is a great big mystery. Australia is practically in a
recession
> - and would certainly be in one if the building sector fell to realistic
> levels. (Building is in la-la land right now.) Demand for our stuff is low
> and we are running a very large trade deficit, made worse by severe
draught.
> Our wages are much less -ahem- 'flexible' than US wages, and employment
> conditions far less boss-friendly. Yet full time jobs are supposedly going
> up.

Thiago has spotlighted some paradoxes. However, there is the "windfall"
generated by mining and petroleum exports, which is by far the major export
sector and increasing demand from China for iron ore, alumina and natural
gas is not insignificant.

In terms of the labour market, I forgot to mention the dramatic increase in
casual-isation and part time work, which since the '80s which has taken up a
lot of slack in terms of demand.