Working life is changing. A “job for life” is no longer an expectation. People now have “portfolio careers”. The “gig economy” is an increasing source of income for people, but it comes with none of the associated benefits of work like superannuation and paid holidays.
In Australia, we just learned that consumer prices have been growing marginally ahead of wages. The federal government has moved to tighten the skilled migration program by replacing the 457 visa program with a more restrictive regime.
All of this comes as the RBA has signalled it is less than comfortable with the evident weakness in the labour market: youth unemployment is at all-time highs, and we are starting to see signs of high levels of underemployment among older workers too.
Dr Chris Wright from the University of Sydney business school is an expert in labour market dynamics. On this week’s episode of Devils and Details, Wright joins us along with prominent economist Stephen Koukoulas for an intriguing discussion about what is happening to the way we work and the challenges for Australian businesses in finding the right people.
We also discuss the Turnbull government’s plans to distinguish between “good” and “bad” debt in the upcoming federal budget.
You can find the show on iTunes, where you can rate us and leave a review, or you can listen in below.