##p, diwa c guinigundo, for making available those annual reports and other literature on the liquidation of the cbp. as mentioned above, the net foreign assets of cbp became negative from 1981 onwards due to the depletion of reserves and the increase in foreign borrowings. they were negative by 4 billion pesos in 1981. but, the negative position progressively increased thereafter rising to a peak of 141 billion pesos in 1990 and recording at an annual average level of 101 billion pesos during 1982 - 90. the result was the payment of interest surpassing significantly the interest receipts. the total such losses amounted to 91 billion pesos for the period 1983 - 90. the net outcome of all these adverse developments was the decline in the net - worth of cbp to a dismal level of 2. 6 billion by june, 1993 as against a total outside liability level of 605 billion pesos and a domestic asset creation of 440 billion pesos. the capital funds as a percent of domestic assets fell to an insignificant level of just 0. 5 % indicating that the entirety of the currency issue ( monetary liability ) had been backed by worthless domestic assets. by end 1993, the foreign exchange liabilities of cbp amounted to us $ 11. 4 billion or 35 % of the philippine ’ s gdp 7. thus, cbp became insolvent and had to be liquidated in july, 1993. a new central bank by the name of bangko sentral ng pilipinas or bsp was set up under the patronage of the world bank and the export - import bank of japan 8. arrangements were made to repay the liabilities of the old central bank in 25 years 9. the issue at hand is how the oncoming signs of insolvency of cbp were not noticed by its auditors. the growing distress of cbp due to the wrong policy of defending the exchange rate at the expense of losing foreign reserves, accumulation of losses in cbp, rising foreign borrowings through unsustainable swaps and the depletion of net - worth of cbp were obvious to the auditors as early as 1985. it was simply the sad story of one mistake leading to another mistake and that mistake leading to a further mistake and so on. once a policy making body gets entangled in an “ enmeshed policy paradox ” of this nature, it is impossible to escape the paradox without outside support. had the first mistake, that is, defending the exchange

wages. these include bar attendants & baristas, waiters, child carers and aged & disabled carers. it is also difficult to get a good read on the prevalence of ‘ gig economy ’ jobs. the share of people working as independent contractors has declined a little over the past decade, the share of people working casual jobs is also little changed. the labour account data reports information on workers with more than one job. it suggests that secondary jobs – i. e. filled by people who also have a https : / / www. rba. gov. au / speeches / 2018 / sp - dg - 2018 - 10 - 17. html 4 / 13 10 / 17 / 2018 the state of the labour market | speeches | rba primary job – account for around 6 per cent of total jobs, which hasn't changed much over the past five years. unemployment the aggregate unemployment rate has fallen over 1 percentage point since its recent peak in october 2014 and is now at its lowest level in six years. it has fallen from its peak across all states and territories. recently, we have seen strong declines in the unemployment rates of victoria and south australia ( graph 3 ). in trend terms, my home state of south australia has the third lowest unemployment rate for the first time since 2012 and its unemployment rate has fallen over 2 percentage points since its most recent peak. graph 3 the recent decline in the unemployment rate has also been broad based across all age groups in the economy. the unemployment rate of younger people ( 15 – 24 year olds ) has recorded the sharpest fall over the past year ( graph 4 ). the youth unemployment rate tends to be more sensitive to economic conditions than the unemployment rate of other age groups. despite this, the share of younger part - time workers who want to work more hours than they currently do remains high. furthermore, the share of 20 – 24 year olds that are neither engaged in employment nor full - time education or training remains higher than it was a decade ago. https : / / www. rba. gov. au / speeches / 2018 / sp - dg - 2018 - 10 - 17. html 5 / 13 10 / 17 / 2018 the state of the labour market | speeches | rba graph 4 looking at the duration of unemployment, the median duration of unemployment has declined over the past year to be around 15 weeks. there has been a noteworthy decline recently in those who have been unemployed for a year or less. however, the unemployment