Statistics for Financial Decisions

Answer

• • 1. 1.  

           

          Statistics for Financial Decisions

           

          Australian Data on Payments of Youth Allowance

          The data which I have accessed in on the cushion program that the Australian government has for its unemployed citizens. The amount is specifically given to the unemployed Australian citizens who are youths to cater for their day to day needs. The most recent data for this information is as shown below;

          Table 1: Total Jobseeker Payment and Youth Allowance (other) Recipients by Gender and State

          By State	June 2020 Females	June 2020 Males	June 2020 Total	May 2020 Total	Variation May - June Number	Variation May - June per cent
          Total Recipients	751,720	862,692	1,614,412	1,635,286	-20,874	-1.3%
          New South Wales	220,231	250,022	470,253	476,784	-6,531	-1.4%
          Victoria	183,903	200,223	384,126	389,229	-5,103	-1.3%
          Queensland	171,587	203,447	375,034	379,687	-4,653	-1.2%
          South Australia	57,245	67,697	124,942	126,375	-1,433	-1.1%
          Western Australia	81,937	96,976	178,913	181,348	-2,435	-1.3%
          Tasmania	18,596	20,918	39,514	39,857	-343	-0.9%
          Northern Territory	11,313	14,970	26,283	26,369	-86	-0.3%
          Australian Capital Territory	6,589	8,063	14,652	14,858	-206	-1.4%

           

          Table 2. Total Jobseeker Payment and Youth Allowance (other) Recipients by Gender and Age Group

          By Age Group	June 2020 Females	June 2020 Males	June 2020 Total	May 2020 Total	Variation May - June Number	Variation May - June per cent
          Total Recipients	751,720	862,692	1,614,412	1,635,286	-20,874	-1.3%
          Under 25 years	152,240	178,824	331,064	333,621	-2,557	-0.8%
          25-34 years	147,348	220,222	367,570	375,449	-7,879	-2.1%
          35-44 years	135,674	165,959	301,633	307,134	-5,501	-1.8%
          45-54 years	151,142	144,691	295,833	299,995	-4,162	-1.4%
          55-64 years	148,969	137,278	286,247	287,418	-1,171	-0.4%
          65 years and over	16,347	15,718	32,065	31,669	396	1.3%

           

          These can be presented graphically as shown below;

          Figure 1: Table 1: Total Jobseeker Payment and Youth Allowance (other) Recipients by Gender and State

           

          Figure 2. A combined graph of Total Jobseeker Payment and Youth Allowance (other) Recipients by Gender and State

          Noted

          • People who receive jobseeker payment are individuals who are determined to be the current, on the Centrelink payment system. This is to mean that these individuals do no expect to receive zero payment.
          • The recipients of the allowances which are given to the youth are citizens of youthful age, who are determined to be the current on the Centrelink payment system.
          • It is worth to note that beneficiaries whose cities are not known as not presented in the table.

           

           

           

           

          Figure 3. Total Jobseeker Payment and Youth Allowance (other) Recipients by Gender and Age Group

           

          Figure 4. A Combined Graph of Total Jobseeker Payment and Youth Allowance (other) Recipients by Gender and Age Group

          Notes

          • Recipients of Jobseeker Payment who are determined to be current on the Centrelink payment system, and not in receipt of zero rate of payment.
          • Recipients of Youth Allowance (other) who are determined to be current (i.e. entitled to be paid) on the Centrelink payment system.

          Interpretation of the Data

          • According to Gosea and Antoulas (2020), numerical measures are a tool which is used in summarizing data. The proportion of data values at every category is usually the primary numerical measure for the qualitative data. Mean, media, mode, percentiles, variance and standard deviation, are the commonly used.  
          • The numerical measure that is chosen is average. This is the arithmetic mean, or else the total value divided by the number of frequencies (Walsh, 2020).
          • From the data analyzed, the Australian government paid an average of 151,936 job seekers in the months of May and June 2020. This is an indication that approximately 151, 936 people had no employment during these months, and therefore dependent on the government’s cushioning.