Due to the end of the mining boom in Western Australia, there’s been an economic slowdown in the region with the loss of 20,000 mining jobs, a high unemployment rate, a state-wide exodus, and loss of job stability. Property prices have reached a five-year low but this has not helped those who have needed it most. The labour market, including Perth's plumbers, are the most affected by WA’s economic instability.
Demand for Plumbing Services on the Decline in WA as the Economy Slows
PR-Inside.com: 2017-08-21 09:25:52
Perth, WA. 18 August 2917—Perth plumbers are feeling the pinch due to the decline in plumbing services because of the economic slowdown. Although rentals and house prices have been falling as the mining boom ended, this has not translated into an advantage for those who need it the most, nor to those who provide services for them.
The effects of the economic downturn in Western Australia due to the decline of the mining industry is now being felt by residents of that area. After a period of unprecedented prosperity because of the mining boom in 2011-2012 wherein Western Australia’s economy grew by 12 per cent, WA now trails the rest of the nation with the poorest performing economy. And, although the mining industry is still the largest contributor to the area’s economy, more than 20,000 from the mining sector have lost full time jobs.
As further proof of WA’s economic downturn, in November of 2016 WA’s unemployment rate reached 6.9 per cent, the worst it has ever been since 2002, although it has somewhat recovered since then, hitting 5.4 percent just last month, in July. And in the last quarter of 2016, rates for personal insolvency was at a 26 per cent, a staggering number when seen in comparison to the national rate of 1 per cent. There have also been noticeably high vacancy rates for both commercial and residential properties in Perth—which has further affected the economic conditions of Perth's plumbers. Overall prices for homes have gone down by at least 3 per cent in the last year and are now at the same prices as they were in 2013, which should have been beneficial especially to the least affluent of Perth’s residents, but unfortunately, has not proven to be so. In fact, due to job shortages, more people have left Western Australia for two years in a row, 2014 to 2015, than those who are moving there.
Rachel Ong, a professor who studies the economy of West Australia, had this to say to ABC news last February, "Before the mining boom slowed down, a typical job was a full-time job with quite a lot of stability and it was much easier to get into long-term employment contracts. We are seeing the labour market become much more precarious and unstable.” ‘Precarious and unstable’ times for the labour market indeed, including Perth's plumbers.
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