Home' Employment Forecast : MyCareer Employment Forecast April 2011 Contents Total Jobs
Change in Jobs
Change in Jobs Quarterly
The Australian economy continues to grow at a good pace, Gross Domestic Product increasing by 2.7% (December 2010
compared with December 2009). This expansion has been supported by population growth, which continues to increase, adding
345,500 people in the year to September 2010. Another major contributor has been the strong demand for Australian resources
coming from India and China. In addition, capital expenditure is growing strongly, (+9.2% December 2010 compared with
December 2009), which is also stimulating demand for jobs. The critical infation measure remains within the Reserve Bank of
Australia’s target zone of +2.7%, meaning that interest rate levels are likely to stay around their current level.
Against this background of solid economic growth, the Australian job market also continued to grow strongly during 2010,
with 316,000 new positions added over the year. Total hours worked increased as well, up 2.6% on the same time last year
(February). The trend unemployment rate is now down to 5.0%, which is getting close to what is considered full employment.
Wages are growing at above the infation rate of +3.9% and with the low unemployment rate and solid economic performance,
wage pressures are starting to mount. Skills shortages are emerging again in managerial and professional positions as well as in
areas such as child care workers, nurses and truck drivers.
There are more signs of the strength in the labour market, with job vacancies at near record levels and 12.4% higher than at
the same time last year (February 2011 compared with February 2010). This is well up from GFC levels, and even higher than the
2006/07 boom year fgures. Business intentions to employ are still positive as well.
With employment intentions remaining positive, (+7.7 in December 2010, compared with -26 in March 2009), the jobs outlook is
one of gathering strength, the annual rate of jobs growth reaching 3.0% by February 2012. In this environment, fnding suitably
skilled labour will increasingly emerge as a challenge.
MyCareer Employment Forecast
Australia adds a remarkable 316,000 jobs this year with more to come
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