The jobs picture is starting to look ugly

Rising structural unemployment is an unfortunate reality of the economy's rebalancing away from mining investment, but the pain isn't just limited to the resource sector.

According to ANZ research, up to 75,000 resource-related jobs could be lost over the next couple of years. But with growth expected to remain below trend for some time, the economy will struggle to absorb these losses and, even if it does, those jobs will be at much lower pay.

The resource sector has shifted from the investment and construction stage of the mining boom towards the less labour-intensive production stage. In the process, thousands of Australians will be shown the door.

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