With jobless numbers set to rise, job seekers face a tougher market in the search for work. Picture: Justin Lloyd Source: The Daily Telegraph
THE number of unemployed will soar by almost 10 per cent with around 60,000 extra people joining the ranks of the jobless over the next six months as companies slash costs and lay-off staff.
Union leaders yesterday said this is a "make or break" year for Australian workers with concerns growing that thousands of construction sector may lose their job as building industry stalls.
This bleak outlook comes as Boral, Bluescope and Vodafone announce lay-offs as they struggle to remain competitive against an uncertain global backdrop.
And there is growing speculation that some of the country's blue chip companies are also looking at redundancies later in the year.
The official unemployment rate for December - to be released today is tipped to jump from 5.2 per cent to 5.4 per cent.
But ANZ head of Australian economics Justin Fabo expects things will get worse before they start to get better with the unemployment rate tipped to peak at 5.75 per cent around mid-year.
This would result in the number of unemployed people jumping from its current level of 637,000 to almost 700,000 jobless - a rise of almost 10 per cent.
"In the near-term things don't look good with job ads falling for the 10th consecutive month," he said.
But Mr Fabo is upbeat the economy will begin to turn the corner by late 2013.
Experts said the increase in the unemployment rate is a result of two factors - job lay-offs and the inability of companies to create jobs to keep pace with population growth.
The bright side of the surge in unemployment is that it may push official interest rates from their current 3 per cent level to a record low of 2 per cent, according to the ANZ forecasts.
This would lower repayments on the average $300,000 mortgage by around $200 a month.
The workers facing the most pressure continue to be in sectors that are being smashed by the strong Australian dollar - manufacturing and retail - and also the public sector with state and federal governments trimming their budgets.
The Australian Workers Union Victorian boss Cesar Melhem yesterday warned up to "10,000 jobs potentially in the construction and construction related industry" are in jeopardy as growth stalls.
Acting Employment Minister Kate Ellis yesterday said the Commonwealth is ready to support workers and their families affected by the 700 job cuts made by Boral.
"Our first thoughts are with affected workers and their families who will be feeling very anxious and uncertain at this time," Ms Ellis said.
"The Government stands ready to provide support to assist affected workers."
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