Home' Employment Forecast : April 2010 Contents 29
MyCareer Employment Forecast
As the world economy continues to recover, Australia is experiencing quite good economic growth, to such an extent that
Australia's interest rates are being lifted by the Reserve Bank. The turnaround in Australia, especially in terms of consumer
and business confidence, has been nothing short of spectacular. The previous easing of monetary policy, Government Stimulus
spending, a more flexible workforce, strong population growth and strong trade links with Asia (especially China and India) have
all contributed to this result.
This turnaround in confidence is translating into the job market. Australia grew jobs by 0.3 % in the February 10 quarter. Full time
jobs are still falling and part time jobs are growing strongly, but full time jobs growth is around the corner as the market picks up.
Across just about all the industries examined in this report, the outlook is much improved. Only the Communications Sector is
expected to be weaker while even the Manufacturing Sector is expected to add a modest number of jobs by the end of the year.
A number of indicators are pointing to more jobs growth. Labour market hiring intentions by business have improved significantly
--- in December 09 they rose to +10.4, compared to -25 at the trough in March 09. With employment hiring intentions improving
significantly, the forecasts are for a strengthening in the labour market. The Australian jobs growth is forecast to increase to an
annual rate of 1.7% by early next year.
A clear winner in the jobs market has been the Managerial and Professional Sector --- in Australia overall and also in all the
mainland States. Within this category, jobs growth has been strong for health professionals in particular. With the economy only
getting stronger, the outlook for this sector is for more growth and this, in turn, will lead to skills shortages near levels seen prior
to the GFC. Indeed, some areas such as the Mining Sector are already experiencing this, while the Health Sector never stopped
having a shortage at all.
All of the States reviewed are expected to grow jobs over the next year. NSW is emerging from the doldrums and the jobs market
for professionals and managers is quite strong. Victoria has had a relatively strong market and has been growing full time jobs
for months now. WA and SA and to a lesser extent Queensland are expected to benefit from the resurgence in the Mining Sector.
Generation Y has borne the brunt of job shedding but already there are signs that conditions are improving, especially for
Graduates. The fastest growing job segment remains the Twilight Careers, with jobs for this segment growing at over 10%. Both
full time and part time positions are growing for this segment.
Now the fears of the GFC are easing, jobs are growing again
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