We shouldn’t give unemployed people more money. The answer is to get them into jobs. That’s the message politicians routinely trot out when it’s suggested we should give the unemployed a leg up. But there aren’t enough jobs and they know it.
In this pursuit, the RBA is simply doing what governments ask of central banks the world over. But if unemployment is necessary for Australia’s economy, why does our government treat unemployed people so badly? Seventy-six thousand more Australians were unemployed this January compared to the same time last year. This follows redundancies at the likes of KPMG, Australia Post, Star Entertainment, Telstra, and the big banks. Job cuts have also bitten in the tech, mining, and retail sectors. Last week PwC made 329 staff redundant. We will see the wider impact of such cuts when the latest unemployment figures are released on Thursday.
When JobSeeker was temporarily doubled during COVID-19, the unemployed briefly experienced the luxury of living slightly above the poverty line. Yet even at this level payments fell well short of the minimum wage and remained less than half the median income. There was still plenty of incentive to get a job.
Inadequate unemployment benefits thrust people into financial stress and can lead to homelessness, food insecurity, debt, and mental health problems.
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