Describe Australia’s unemployment and underemployment experienced since the 2008 Global Financial Crisis (GFC), identify and analyse the main reasons which explain the observed experience. In addition, are the recent labour market developments caused by the Coronavirus a new trend, or an acceleration of existing trends? Finally, what policies, if any, do you believe the Government should implement over the near to medium term to assist the labour market?
The basics of the answer are obviously the differentiation of unemployment and underemployment, and the statistical record of these measures over the relevant timeframe. Then what will distinguish these essays is the treatment of the explanation of why we observe the labour market data. That is, what has caused the trends we observe? Why were they at the strength we see, and not stronger or weaker? What government policies have contributed to the observed outcomes? Finally, when you discuss what government policies you argue should be implemented, be clear on how you believe these policies would be implemented and why they would help
