Australia's labour market comparatively positive
The Global Financial Crisis spurred an atmosphere of uncertainty for many industries in ...
The Global Financial Crisis spurred an atmosphere of uncertainty for many industries in Australia.
However, the country continues to fare much better than other economies from around the world, and has even posted improvement in a few key areas.
The strength of the nation's resource sector and a commitment to innovation has inspired commercial property investment and created confidence in certain areas.
Labour figures released last week (March 8) by the Australian Bureau of Statistics revealed the unemployment rate has risen slightly, but is comparatively positive to the rest of the world.
Minister for employment and workplace relations, financial services and superannuation Bill Shorten explained how the volatility of other foreign markets, especially Europe's, put pressure on the nation's domestic labour market, but Australia would continue on with its effective strategy.
He said: "The Australian economy, however, is built on strong fundamentals, with low debt and low unemployment and the government has a proven track record of dealing with global instability during the GFC."