amogosolomon
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The last employment report released from the Australin Bureau of Statistics (ABS) saw a continuous spark in recovery in line with its growth pattern already set in motion. In the growth trajectory, the report showed a job expansion that cuts across 11 industries with Health care and Social Assistance topping the chart by 26.2% from the onset of the pandemic. Other labor market sectors that outperform include the professional, scientific and technical service, financial and insurance services, retail trade, Mining agriculture, construction, education, manufacturing, Accommodation and food services.
According to the International Monetary Fund World Economic ranking, Australia is ranked among the top 10 global economies in terms of GDP per capita. Its GDP print is 1.6 trillion dollars as of 2021 and $62,618.59 GDP per capita. There is strong speculation for the economy to keep flourishing, though global supply chain disruption and high inflation hits are constraining the narrative.
Another positive is that the Australian government is taking a giant stride towards bridging the gap between the job participation rates of men and women. This is a strategy towards boosting women's workforce involvement which in return will essentially raise living standards and sustain Australia's future prosperity. As part of the synergy towards this, the government invested around $37 billion on child care support to aid ease up pressures on families' cost of living and parenting responsibilities. According to an economic analyst, this new child care system will encourage more than 230,000 families to increase their involvement in workforce participation.
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https://actmarkets.com/the-australian-job-market-participation-rate-increased/
