#46 December 2014 - Melbourne Institute News

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Melbourne Institute News December 2014

ISSN 1442-9500 (print)     ISSN 1442-9519 (online)

Print Post Approved PP381667/01204     Issue 46

The Changing Australian Labour Market On 2 December at the Melbourne Institute Public Economics Forum in Canberra, three of the Institute’s leading academics spoke on the broad topic of what is happening in the Australian labour market. The Changing Australian Labour Market Page 1

How Much Bang for a Buck? The Returns on Government Spending Page 3

Too Big to Fail and the Push for ‘Bail Ins’ Page 4

Job Loss and the Mental Health of Family Members Page 5

Australian Economic Review Focuses on Energy Markets Page 6

Recent Grant Success Page 7

Industrial Team Departure Page 7

MABEL Research Forum Page 7

HILDA Survey Data Release and Training Page 8

Journeys Home Data Release Page 8

While Australia managed to avoid the recession that most other Western nations experienced in the wake of the Global Financial Crisis (GFC), our economy was not unscathed. This is reflected most obviously in the jobs market, where the rate of employment continues to fall — currently just 60.5 per cent of all adults are in employment, which compares with almost 63 per cent in 2008 — and the rate of unemployment is, at a little over 6 per cent, uncomfortably high and showing few signs of coming down any time soon. It was against this background that the Public Economics Forum on the changing nature of the Australian labour market was held. Professor Deborah Cobb-Clark, the Director of the Melbourne Institute, commenced proceedings, with a focus on trends in labour force participation. She began by summarising trends, showing that aggregate rates of labour force participation have held up well following the GFC and compare favourably with other OECD nations. Recent years, however, have seen the resumption of the long-term trend decline in participation among men. She then highlighted differences in trends in agespecific participation rates. In particular, there have been spectacular and unprecedented rises in participation rates among workers in the older age groups, and especially those in the 55 to 64 years age range. With improving health and increased longevity, together with a policy environment that encourages people to delay retirement, further large increases in participation rates among older cohorts can be expected. Nevertheless, this still will not

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