Hello everyone. Welcome to the Smart Market Insights here on Kalkine TV.
I’m Sage, and today we will be shining some light on the Australian Job Market.
The current stance of the Australian job market has grabbed all eyes. There
has been a significant increase in the number of jobs available in Australia.
Over recent months, the unemployment rate has declined to 4 percent and
labour force participation has been increasing to a record high. As per Governor Philip Lowe's
latest Monetary Policy Decision statement, job vacancies and job ads are at high levels.
The central forecast is for the unemployment rate to decline to approximately 3.5 percent
by early 2023. It will remain around this level subsequently. Notably, this
would be the lowest unemployment rate in almost 50 years.
There has been a massive increase in job opportunities and now job seekers
have the upper hand in the market. Several employment platforms like Seekers have reported
that there are currently more jobs available on Seek than there ever have been in 25 years.
According to Seek, there has been around a 50 percent increase in
job opportunities compared to March 2019. Job advertisements on employment
platforms have significantly increased compared to previous pandemic months.
Jobs across industries are booming, especially positions in administration and office support
have seen the highest increase. Additionally, job opportunities in information communication
and technology, manufacturing and transport have also increased.
The primary reason for the boom is the aftermath of the pandemic. Because of lesser immigrants in
the country, the number of jobs available is more than the number of applicants.
Additionally, Aussies also do not prefer to apply for inter-city jobs
in the current scenario as the coronavirus is still active.
Because of the pandemic's psychological baggage, Aussies are prioritising staying put
in the older jobs. Thus, the unemployment rate in the country is also low. So, because of the
market shift, job seekers now have the leverage to make the best out of the current scenario.
This is the time when employees can seek better work opportunities. Since vacancies are hefty,
people can look for senior roles with the most attractive annual salaries and other
perks. Employees resistant to changing jobs can also ask for increments at the current position.
Employers need to play a cautious role in the market.
The most significant thing is to retain employees.
Thus, the employees should give optimum benefits according to their potential.
The Great Resignation of the west could also influence Aussies; therefore,
efficient leadership plays a key role here in retaining employees.
Most industries are experiencing a job boom. However, there are some with a slight decline
in job opportunities. The current state of the job market can significantly help Aussies
increase their real income in the recent high inflation days. With the rise in official interest
rates by RBA and the skyrocketing prices, the booming job market can be the way out for Aussies.
Well, that’s all for now. We will be back again with the exclusive Smart
Market Insights Show tomorrow. Till then, keep watching Kalkine TV for
the latest market updates and related insights. I’m Sage, signing off