Home' Employment Forecast : MyCareer Employment Forecast 2010 October Edition Contents Total Jobs
In previous reports, the Financial Services Sector report had focused on banking, but increasingly the banks are moving into the
insurance and superannuation sub-sectors, so these are now included in this industry.
This sector is returning to life after the GFC and, on annual basis, jobs are rising again. The demand for high calibre candidates
in retail and investment banks has picked up. Also in higher demand are accountants. The ‘Big Four’ banks are all undergoing
a transformation that is resulting in staff numbers picking up. For example, the Commonwealth Bank has added staff during
2009/10. With returns improving in the share market, jobs in the investment and superannuation areas are also growing. One
area that remains weak is job creation amongst fnance companies that do not have access to banking deposits.
Victoria has been the standout in this sector, with jobs growing strongly. Sydney, which is still the fnancial centre of Australia,
suffered due both to the GFC and to regional banks withdrawing funding and concentrating on Asian growth opportunities.
Jobs are still falling in Queensland due to the weaker economy there, but with the market picking up this will change. SA is
experiencing job losses in this sector, while WA numbers are static but with the return of the Mining Sector, the Financial
Services Sector will beneft as well.
Confdence in this sector has really improved. In fact, in trend terms, confdence is not only at its highest level since 1994 but
higher than during the boom times from 2003 to 2007. Highlighting that the sector has well and truly turned around, job
vacancies are at a record levels and are higher than during the GFC. This positive sentiment means that the EMDA model is
forecasting further jobs growth, with jobs rising by 2.1% in the year to May 2011. The rate of jobs growth is also forecast to pick
up, with quarterly growth rising to 0.9% by May 2011.
MyCareer Employment Forecast
Confdence is restored to this sector and it is gearing up for growth
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