Home' Employment Forecast : MyCareer Employment Forecast 2010 October Edition Contents The MyCareer Employment Forecast has provided an accurate picture of the current and future Australian
employment market since 2003. The report is published six monthly and covers the Australian, mainland
states, professional and managerial markets as well as key industries such as mining, transport, health and
This October 2010 report has found that although there is still some uncertainty surrounding the world
economic situation, especially in regard to the US, the Australian economy is growing strongly, up 3.2% from
June 2009 to June 2010. This is just a notch below the long-term average, making Australia one of the fastest
growing developed economies in the world. A major contributor to this growth is the strong demand for our
resources from India and China. However, other industries such as construction have chipped in.
The report fnds that the Australian job market has continued to recover strongly from the trough induced
by the Global Financial Crisis (GFC) in 2009, with total jobs growing 1.8% in the year to August 2010 - adding
a very healthy 197,000 jobs over this period. In response to the pick-up in demand overall, wages and hours
worked are growing again. Job vacancies are also on the move again, on a par with 2007 levels and only just
below their 2008 peak. In some industries, vacancies are actually at record levels.
This report also fnds there are more signs of the strength of the Australian labour market. Critically, the
unemployment rate is falling in Australia and is down to 5.1% (seasonally adjusted August 2010). This is not far
off what is considered full employment (4-4.5%). Already there are reports of skills shortages in some sectors
of the economy. There is a downside to this relatively strong position, with the Reserve Bank of Australia
warning again of infation risks and indicating that the next move in interest rates is likely to be upwards.
The report fnds that employment intentions remain positive and the jobs outlook is one of gathering strength
with the annual rate of jobs growth reaching 2.9% by August 2011.
MyCareer Employment Forecast
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