2.51 million Australians were unemployed or under-employed in June

New research by Roy Morgan highlighted an increase in unemployment and under-employment, with 2.51 million or 20.1% of Australians not working, looking for work or working part-time in June.

Unemployment rose 0.9% to 10.6% and under-employment was up 1.4% to a record 9.5%. However, the study showed by looking at long-term trends Australian unemployment has risen in June in each of the last four years, and also in five out of the last six years since the Global Financial Crisis.

Roy Morgan’s executive chairman Gary Morgan said clearly Australian unemployment and under-employment is far too high at present.

“If the Abbott Government wants to stand any chance of winning the 2016 Federal Election it must enact significant reforms to Australia’s industrial relations laws to 'free up' the Australian labour market and increase the productivity of the broader Australian labour force.”

With unemployment on the rise, consumer sentiment weakened after the recent Federal Budget and Aussies paying the highest prices for goods in the G20 world, it’s wise to keep on top of your finances by comparing the banking market, to ensure you're always signed up with the best deal. 

The Roy Morgan survey on Australia’s unemployment and 'under-employed' is based on weekly face-to-face interviews of 384,423 Australians aged 14 and over between January 2007 – June 2014 and includes 4,124 to-face interviews in June 2014.