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Highlights
- Job advertisements on employment platforms have significantly increased compared to previous pandemic months.
- Job opportunities in information communication and technology, manufacturing and transport, tourism and healthcare have increased.
- Lesser immigrants and an overall low unemployment rate in Australia are primary reasons for the job boom.
- Current state of job market can significantly help Aussies increase their real income in recent high inflation days.
The current stance of the Australian job market has grabbed all eyes. There has been a significant increase in the number of jobs available in Australia.
The unemployment rate has been declining over recent months to 4% and labour force participation has been increasing to a record high. As per Governor Philip Lowe’s latest Monetary Policy Decision statement, both job vacancies and job ads are at high levels. The central forecast is for the unemployment rate to wane to approximately 3½ per cent by early 2023. It will remain around this level subsequently. Notably, this would be the lowest rate of unemployment in almost 50 years.
Let’s decode the reasons behind the seismic shift in the job-seekers market in Australia.
Current state of Australia’s job market
There has been a massive increase in the number of job opportunities available, and now employees have the upper hand in the market. Several employment platforms like Seekers have reported that there are currently more jobs available on Seek than there ever have been in 25 years.
According to Seek, there has been around a 50% increase in job opportunities compared to March 2019. Job advertisements on employment platforms have significantly increased compared to previous pandemic months.
Jobs across industries are booming, especially positions in administration and office support have seen the highest increase. Additionally, job opportunities in information communication and technology, manufacturing and transport have also increased.
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Source: © Icefields | Megapixl.com
Why is there a boom in the job market?
The primary reason for the boom is the aftermath of the pandemic. Because of lesser immigrants in the country, the number of jobs available is more than the number of applicants. Additionally, Aussies also do not prefer to apply for inter-city jobs in the current scenario as the coronavirus is still active.
Because of the pandemic's psychological baggage, Aussies are prioritising staying put in the older jobs. Thus, the unemployment rate in the country is also low. So, because of the market shift, job seekers now have the leverage to make the best out of the current scenario.
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What employees and employers should do now?
This is the time when employees can seek better work opportunities. Since vacancies are hefty, people can look for senior roles with the most attractive annual salaries and other perks. Employees resistant to changing jobs are also asking for increments at the current position.
Now, employers need to play a cautious role in the market. The most significant thing is to retain employees. Thus, the employees should give optimum benefits according to their potential. The Great Resignation of the west could also influence Aussies; therefore, efficient leadership plays a key role here in retaining employees.
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Most industries are experiencing a job boom. However, there are some with a slight decline in job opportunities. The current state of the job market can significantly help Aussies increase their real income in the recent high inflation days. With the rise in official interest rates by RBA and the skyrocketing prices, the booming job market can be the way out for Aussies.
