The International Monetary Fund (IMF) confirmed what is becoming self-evident to many Australians, that difficult economic times are around the corner for the majority of people. Homelessness is increasing with every capital city struggling to assist its most vulnerable. According to the IMF, within the next two years Australia is likely to record the second worst jobless rate in the Asia-Pacific region. Only the Philippines is expected to record a worse jobless rate.
More than six per cent of the potential Australian workforce will be jobless. The Philippines will reach nearly seven per cent joblessness. Naturally, these rates do not accommodate underemployment. Australia has been experiencing six per cent joblessness for quite some time and in the past has experienced higher rates.
Countries around the world are still struggling following the Global Financial Crisis, with debts crippling many economies. But the pillage of the Middle East’s energy resources through the guise of wars is assisting the economies of some western countries.
The IMF global growth forecasts have been revised down from what was earlier expected. Expect more future revisions, and more wars.
According to the Australian Bureau of Statistics (ABS) more than 600,000 Australian children live in poverty. According to the ABS more than 18,000 children aged less than 12 years are homeless.