Home' Employment Forecast : MyCareer Employment Forecast 2010 October Edition Contents Australia is experiencing good economic growth, to such an extent that interest rates are being lifted by the Reserve Bank
and more rises are expected. The turnaround in Australia, especially in terms of consumer and business confdence, has
been nothing short of spectacular. The previous easing of monetary policy, Government Stimulus spending, a more fexible
workforce, strong population growth and strong trade links with Asia in the Mining Sector (especially China and India) have all
contributed to this result.
This turnaround in confdence is translating into the job market. Australia grew jobs by 1.8 % in the August 2010 year. As a sign
of real confdence in the future, full time jobs are now growing again as business goes more on a growth mode. Part time jobs
are also growing strongly.
A number of indicators are pointing to more jobs growth. Labour market hiring intentions by business have improved
signifcantly, hours worked are at record levels, unemployment is falling and job vacancies are very close to their pre GFC peaks.
With employment hiring intentions improving signifcantly, the forecasts are for a strengthening in the labour market. The
Australian jobs growth is forecast to increase to an annual rate of 2.9% by mid next year.
A clear winner in the jobs market continues to be the Professional/Managerial Sector - in Australia overall and also in all the
mainland states. With the economy only getting stronger, the outlook for this sector is for more growth, which will, in turn, lead
to skills shortages at 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 and now all the mainland states are growing full time
jobs as well. NSW has emerged from the doldrums and the level of jobs 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 is really benefting from the
resurgence in the Mining Sector and SA and, to a lesser extent, Queensland are expected to gain as well.
Generation Y has borne the brunt of job shedding over the GFC, but opportunities are growing again for this demographic,
especially for graduates. The fastest growing job segment remains the Twilight Careers. Jobs for this segment are growing at
more than 10% p.a.
MyCareer Employment Forecast
Full employment and skills shortages ahead as economy grows
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