as part of my unemployment benefits from the state, I had to apply to at least two different employers each week.

Only Two per week? Piece of cake! Unemployment benefits in Australia are paid if you've called 10 employers per month, all of which are logged in a 'diary' they provide and checked every 6 months. you can have your benefits docked or reduced if you don't have this complete
But I digress.
Tony, have you been doing any courses or training of your own during your employment? It might pay to enrol in a course to keep updating your skills in some way, either in the tech field or in managment principles. Your current employer may look on you favourably then as you are trying to be better for them in the future.

Keeping an ear to the ground for other prospects may be fruitful too, but it may be better the devil you know. You don't *know* that the job you're about to move into is any more secure at the moment than the job you're in.

It's a tough call, but i'd advise to look in to some reneducation.