Task 2: Individual Video Presentation (Part 2) – Week 10 You will orally present your discoveries, findings and lessons learned from your analysis (both micro and macro) via video recording. You can...

MACROECONOMICS
HC1072
ECONOMICS AND INTERNATIONAL TRADE
ECONOMIC ANALYSIS OF THE AUSTRALIAN MARKET
MACROECONOMIC ANALYSIS (PART 2)
This article by Gross (2020) describes about the post corona condition in Australia.
Australia is showing growing indications of a three-speed labour market: Victoria, New South Wales stagnated as Sydney dealt and Western Australia.
Event/Product/Company Description
The article chose for this report base on the post pandemic situation of the Australia. I chose this because it is the new situation for every researcher. The economic impact of 2020 covid is highly disruptive.
The target market is the labour market for this report, as this health crisis transformed into economic crisis in no time in Australia.
The product offered could be labour.
Event/Product/Company Description (contd.)
The labour market maintains a balance between the demands of the national economy for labour capital and the possibilities for covering them. It has a system of self-regulation, which is, in theory, the same in all economies. The convergence of a recession and the top-down lockdown of the coronavirus present a deep economic problem for the potential labour market.
Parties involved are industry, company, and labour force, both employed, people looking for employment, in which, suppliers can be industry or company and consumers, are the labour force.
Event/Product/Company Description (contd.)
The whole Australia labour market divided into three broad ways. The labour market relates to the supply and demand for labour, in which workers generate the supply and employers provide the demand. The labour market at both micro and macroeconomic scales should be consider. Companies have laid off staff because they cannot see clients coming back. Manufacturing is not the only industry in the last 30 years that has deteriorated. At that time, 25% of the working population employed in the wholesale and retail sectors.
As we revert to the coronavirus-induced lockdown article, technology is set to be at the core of every workplace.
Companies aim not only to facing high cleaner, but also to provide services to their customers differently, from better surveillance to quicker processes.
Demand and Supply
This article by Gross (2020) describes about the post corona condition in Australia. It states that “Australia is showing growing indications of a three-speed labour market: Victoria started to crumble as increasing infections forced the re-emergence of stringent restrictions; New South Wales stagnated as Sydney dealt with outbreaks; and Western Australia is virus-free and sealed off, which helps in improving its position. In order to ensure that the three-year yield remained about 0.25 percent, the Reserve Bank of Australia has kept its benchmark interest rate near zero and resumed purchasing government bonds, as it aims to reduce borrowing rates across the economy.” (Gross, 2020)
Among the entire determinant in the market, technology plays important role in determining the shortage and surplus situation in the market. As we revert to the coronavirus-induced lockdown post office, technology is set to be at the core of every workplace. As indicated by Fine et al. (2020), companies aim not just to make workplaces safer, but also to offer services to their customers differently, from better surveillance to faster procedures.
In this result, there is a huge demand of the technology skilled people in the market. The post corona pandemic situation has made companies to hire people who are good in adapting and using technology in a long run. There is no requirement and need of the people, who are not comfortable with technology. Taking instance like people who knows how to develop application, software and good at quality management are in demand in market.
The number of employment opportunities addresses work requests. In that, it uncovers the interest of the business in selecting representatives.
As referenced by Andrews et al. (2020), genuine recruits address a blend of both organic market: firm longing and capacity of representatives to acknowledge work at the compensations advertised
Demand and Supply (contd.)
There are numerous determinants of the work market. Some of them are interest for yield, kind of innovation, preparing and training, winning interest in the products and ventures, number of organizations and government rules and guidelines. For a few elements, changes in the interest bend for work happen. One fundamental clarification is that the work request is reliant on the interest for the item or administration that is being created. For instance, the more clients request new vehicles, the more noteworthy the quantity of vehicle producers would have to utilize staff.
Demand and Supply (contd.)
Here in the article, there is no product in the market. We can assume labour/people as a product of the market. The article emphasis that after the post corona pandemic situation, the job market divided into three situations—
Applying Demand and Supply
The demand for low-skilled labour moves to the left as the job traditionally performed by these workers can be done by technology
The need for high-skilled labour in areas such as information technology and internet administration can also be increased by emerging technologies.
As per this article, there are three results of the employment market in Australia.
There is uneven occupation distribution...