According to the Australian Bureau of Statistics, during the second Quarter of 2012 Australia’s unemployment rate held steady at 5.2%, the same rate as at the end of the previous two quarters. Variations continue across the country. In June the jobless rate fell to 5.5% in Victoria (from 5.8% in March), and is 5.1% in New South Wales (from 4.8%). The lowest rate is Western Australia at 3.5%, falling from 4.1%. Queensland has risen from 5.5% in March to 5.8% in June. The national labour force participation rate in June is 65.3%, steady from the previous month.
Long term analysis has shown that service industries have outstripped mining as the nation's dominant source of new jobs, according to official figures that show the economy has created almost 10 times as many jobs as it has lost in manufacturing in the period from November 2007 to May 2012.
Australia’s GDP is expected to continue to grow at 3%, possibly higher, over the next year. Unemployment has been expected to rise slightly over mid/late 2012 and early 2013, however this has yet to eventuate. Government and private forecasters have been expecting it to rise to under 6% over that period then fall later in 2013.
Many large organisations continue to focus on transformational change, with some businesses restructuring and right-sizing during the first quarter resulting in hiring freezes. Talent scarcity continues to cause salary inflation and continued use of project and contract staff. Local companies continue to focus on talent management, leadership development and organisational capability.
Predicted Trends:
- Talent shortages continue to prevent growth
- Increased learning and development/talent management activity
- Cost continues to be a focus
- Salary increases and additional international migrants from developing countries increasing
- Busy sectors - Health, Energy, Utilities, Infrastructure, Mining/Mining Services, Financial Services, Telco, Digital Media, Technology
- Sectors in decline - Retail, Manufacturing, Heavy industry - seeking new growth strategies/changes in leadership
Sourced with thanks:
www.carmichaelfisher.com and Australian Bureau of Statistics
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