Employment and Work Futures

Commerce

Work contributions to the wellbeing of individuals + society

  1. Financial stability: Jobs provide income for individuals to meet their basic needs, reducing financial stress.

  2. Purpose and fulfilment: Work gives people a sense of purpose and accomplishment, contributing to overall satisfaction and happiness.

  3. Social connections: The workplace is a social environment where people build relationships, reducing feelings of isolation.

  4. Skill development: Jobs offer opportunities for learning and skill development, fostering personal growth.

  5. Contribution to society: Many jobs directly or indirectly contribute to the betterment of society, from healthcare to education.

  6. Health benefits: Engaging in work can positively impact mental and physical health through a structured routine.

  7. Innovation and progress: Work drives advancements and progress in society, leading to improved living standards.

  8. Economic growth: Productive work leads to the creation of goods and services, boosting the overall economy.

  9. Civic participation: Employed individuals are more likely to participate positively in their communities and civic activities.

Work-Life Balance

Work-life balance is about having enough time and energy for both work and personal life. This includes time for school or work, family, friends, hobbies etc. A good work-life balance helps people stay happy, healthy and productive.

Work-life balance often changes as people get older. When people are younger, they may focus on building their career. As they get older, they might want more time for family, health, or leisure, so work-life balance can become more important.

Technology can make it harder to switch from work because emails and messages can be sent at any time. While remote work and smartphones can be convenient, they can also blur the line between work time and personal time if people feel they must always be available.

For individuals, a good work-life balance can reduce stress, improve mental and physical health, and increase happiness. For employers, workers with a good work-life balance are often more motivated, productive and less likely to take sick leave or quit, which benefits the business.

Tax

Tax is the mandated redistribution of income for the purpose of government expenditure. This means that employers, regardless of sector, are required by law to submit a portion of their employees’ income to the government. Those who are self-employed are also required to pay tax. In Australia, tax is regulated by the Australian Tax Office.

  • The Australian tax system works by charging a higher rate of tax on people who earn more.

  • The income tax year ends June 30th.

  • Companies pay tax at a flat rate and can also claim tax deductions.

  • Capital gains tax is paid on long-term investments for assets which are sold at a profit.

Types of Work

There are 2 types of work: paid and unpaid. Only paid work counts as employment.

Paid work includes:

  • Full time work

  • Part time work

  • Casual work

  • Self employment

Unpaid work includes:

  • Household chores

  • Volunteering

  • School work

  • Extracurriculars

Australia’s labour force is made up of people who are working and people who are actively looking for employment, whether it is full-time, part time, casual or seasonal. The labour force is made up of people aged 15 and above who are either employed (includes self-employed) or unemployed.

People not considered part of the labour force are:

  • pensioners

  • people with a physical or mental disability who are unable to work

  • full time students who do not work

  • full time carers who look after children or other family members

  • volunteers working without pay in institutions such as the State Emergency service and charities

Unemployment and employment rates are calculated based on the number of people in the workforce. As such, the above groups are not considered in these calculations.

To be considered employed:

  • be aged 15 years or over

  • have worked at least one hour in the week, or have a high job even though you were not at work in the week

  • have received profit, pay, commission, or payment of some kind for your work.