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Melbourne, May 11, 2009 – Despite earlier predictions that the recession will hit the outer suburbs the worst, the numbers have shown a decrease in unemployment. In fact, it is Melbourne’s affluent inner suburbs that seem to be suffering more with the rise in unemployment at the end of last year.

Data from the Department of Education, Employment and Workplace Relations show that the increase in unemployment has occurred almost exclusively in inner Melbourne, with professional jobs being shed in high numbers.

For the most middle and outer suburban areas, on the other hand, unemployment has seen a decrease. According to Bureau of Statistics data for late 2008 and early 2009, job categories that include consultants, researchers, engineers and architects lost nearly 10 percent, amounting to about 14,000 positions.

In an analysis by the University of Newcastle’s economics professor Bill Mitchell, he found that Victoria’s mortgage belt is vulnerable to rapidly increasing unemployment. He says that what makes a suburb high-risk is the concentration of industries such as construction and light manufacturing and high levels of debt and casualisation of the workforce. However, this has not yet come to fruition. The downturn, led by the finance sector, had seen the profession suffer more.

Areas such as Stonnington, Manningham, Port Phillip and Yarra recorded rises in unemployment at the end of last year.

Source:
theage.com.au