Career

During times of uncertainty protecting your cash flow is critical. For most of us that’s our job.

The income from our job pays the bills and, hopefully, provides a surplus to save and invest. Cut off that income and most Australians would be under extreme financial pressure.

Despite what appears to be a low unemployment rate, and big money being paid in the mining industry, there are definite signs the job market is softening.

The recent profit reporting season saw a number of our biggest companies announce redundancy programs while industries such as tourism, retail and hospitality have been either cutting staff numbers or their hours.

In Australia, you’re counted as unemployed if you’re over 15, looking for work but haven’t found anything. Work for one hour a week for pay, profit or commission and you are not officially unemployed.

So Australia’s unemployment rate masks the enormous number of underemployed people who have been cut back and working less than they want, or need, to.

All indications are that the job market is going to get a lot tougher so taking action now means you won’t be blindsided.