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The Reserve Bank of Australias glossary of terms defines a labor market as A collective term for employment unemployment participation rates and wages It can also be defined as the interaction between employees and employers and how they seek to find employment also the effects of trade unions and Industrial Tribunals and how they aim to protect and assist workers The labor market throughout the years has shown trends or patterns in its changes this can be seen by studying the statistics of factors of the labor market such as Unemployment part time work casualisation of work outsourcing individual contracts and sub-contracting Unemployment is defined as a person that is not working but is seeking for and is readily available to work Causes of unemployment can vary from lack of education to discrimination in the workplace Unemployment for the last 10 years has dropped at a low but steady rate to just settle at 49 at the current state according to Employment and Workplace Relations Media Center Todays unemployment level is considered comparatively low to the rate 10 years ago Effects on the economy from a low unemployment rate can be Higher economic growth Generally the more people that are employed allow consumers to spend more and thus increasing the standard of living Governments would also benefit from a low unemployment rate as it would have to spend less from the budget to cover welfare payments to the unemployed it would also raise more revenue from taxation and benefit the budget outcomes One negative effect that low unemployment rate would cause is the higher rate of inflation Also if supply runs out wages increase lead to interest rate rise To work part-time means that you are being employed less than 20 hours per week at a set day and time every week The trend for the last 15 years can be seen on the graph below as a steady rise in part time employment Part
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