The employees of Bradmill in Melbourne have recently become victims of the economic slowdown and global pressure on textile companies. Up to 900 workers are now likely to join the dole queues, behind an estimated 65,000 people affected by the downturn thus far in construction and manufacturing. Speaking today, Tony Abbott got a taste of the impact these sorts of job losses could have on the Government's standing. There's no textile companies to go to, is there. There are actually tens of thousands of textile jobs to go to.
Employment is a lagging indicator.
That's why it's only now that we're beginning to see the negative quarter of national growth last December, manifested in job losses. And it's likely there's more to come. Economists are now predicting the unemployment rate will rise over 7.5 per cent by September, job losses hitting about 3,000 a month. Yesterday, the ANZ job ad series showed the worst two-month drop in ads in major newspapers in 19 years. Business Expectations Survey for March also predicted unemployment increasing.