FourFourOne’s latest job creation jobs report reveals that the industry is going through a major recession, with the number of people in employment falling for the second time in six months.
The jobless rate for the industry hit 7.9 per cent last week, a historic low.
The number of unemployed in the industry jumped to 3.9 million in March from 2.1 million in February, which is a sharp decline from the year before.
It means that a quarter of all workers are either unemployed or jobless for more than a month, the lowest level in over four years.
The economy has been in a downward spiral since the global financial crisis of 2008.
In the six months to March, the country lost 7 million jobs, according to data released by the Australian Bureau of Statistics (ABS).
The unemployment rate has fallen by 1.6 percentage points since the start of the year, and is now around 9 per cent.
While the numbers are a bit worse than expected, the fact that the rate of job loss is also the lowest in over three years is a testament to the resilience of the Australian economy.
Job creation has been a strong driver of growth in Australia over the past few years, and this latest report shows just how strong the sector is.
The number one reason for the increase in jobs over the last year was the construction industry, which grew by an average of 24 per cent in the last 12 months, with a total of 1.2 million construction jobs created.
This is the biggest increase in construction jobs since the early 2000s, and represents more than three times the number that were created during the same period in the 1990s.
The mining industry also saw strong growth in the past 12 months.
According to the latest figures, the number created in the mining sector increased by more than 6 per cent, bringing the total employment in the sector to over 2.2million.
The construction sector is a key driver of job creation, as it accounts for over half of the economy’s employment growth, and over half the employment growth is driven by construction.
There are more construction jobs in Australia than there are people employed in the whole of the UK.
There are also more jobs in the construction sector than in the rest of the workforce.
But the industry has also been hit hard by the downturn in manufacturing.
It lost nearly 1.3 million manufacturing jobs between March and June this year, which means that the construction and mining sectors have seen the largest drop in employment in nearly three years.
The Government is now looking to cut back on the number and scope of job cuts that are being undertaken by the private sector.
A recent survey found that the private sectors are in a severe economic downturn, and have seen their output fall by almost a third in the six years since the 2008 global financial collapse.
They have seen a sharp drop in demand, and demand for their goods and services has dropped to its lowest level since the 1990.
With the construction, mining and other sectors seeing the biggest fall in employment, the Government needs to make a decision on how much further to cut the workforce, and how much to cut costs in order to keep pace with the overall economy.