- Australia is facing the problem of acute labour shortage.
- Research by the banking giant National Australia Bank (NAB) indicates that around 4 in 10 Australian businesses are witnessing significant impacts from scarce labour.
- As per the Bank, businesses in the Country face the problem of both skilled and unskilled labour shortages.
Australia is not new to the labour shortage problem; this is especially true when it comes to skilled labour. The pandemic era brought unprecedented times as the Coronavirus landed humanity in a situation no one had ever imagined. Economic distress, unemployment, deteriorating healthcare, massive layoffs, and labour shortage are all that marked the pandemic.
The lack of a skilled workforce has held the Australian economy back for a long. And now, the pandemic induced border clampdown has further exacerbated this problem. Many foreign nationals returned to their home countries when parts of the Australian economy backtracked to a prolonged and indefinite COVID hibernation.
A recent revelation by one of Australia's leading banks on the labour shortage issue in the Country presents a gloomy picture.
Research by the banking giant National Australia Bank (NAB) indicates that around 4 in 10 Australian businesses are witnessing significant impacts from scarce labour.
NAB's Business Insight Report, presented on Tuesday, stemmed from replies received from around 1,600 businesses across a spectrum of industries from mid-November to mid-December last year.
The report revealed that almost all sectors ranging from cafés, tourism, agriculture to manufacturing, face the same problem of workforce shortage.
NBA’s report states:
- 38% of medium-sized businesses and 37% of larger business entities viewed labour shortages as a "very significant issue," against 31% small businesses.
- Lacking trade workers (35 %) and professionals (32%) have been found to be the most common forms of the labour shortage, as per 1 in 3 Australian firms.
- Western Australia had the most urgent need for workers when it comes to States. WA also leads in anticipations of labour shortages over the upcoming 12 months (43%), followed by NSW, Queensland and the Australian Capital Territory (all 39 %).
As the NAB report suggests, if the labour shortage problem is not resolved soon, then the Country's economy will be severely affected. Human resources are the backbone of any country's economy, and therefore the Australian govt should take steps to develop a skilled workforce to boost the overall economy.