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Job Seekers 5.6%

Unemployment in Australia dropped to its lowest level in 22 years with the release by the ABS of October's rate at 5.6%. This comes the day after the Reserve Bank raised short term interest rates by 0.25% to 5.0%pa on worries about spending booms damaging long term inflation prospects.

However most of the new jobs went to part-timers with 49,300 of the 69,200 new jobs being part-time and 20 something's still struggling to find a permanent career slot. As employers find it harder to get labour, employment-finder organisations should do well.

Companies like Seek Communications are in the spotlight with the purchase of 25% of the company by PBL in August. SEEK was formed in November 1997 by Paul Bassat, Andrew Bassat and Matthew Rockman, who identified the potential that Internet technology held for both recruiters and job seekers. They launched www.seek.com.au in March 1998. These three figured in the 2003 BRW Young Rich list at $40 million in combined wealth at the ripe old age of 35, 37 and 35.

Posted Thursday, 6 November 2003

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