Australian Employment Market Update
27,900 more jobs in the market
The ABS reported 27,900 more jobs were filled than last month (seasonally adjusted). This decrease in permanent full time employment (20,300 less) was partially offset by an increase in part-time employment (48,200 more). In the past 12 months, fulltime employment has increased by 197,700 persons, while part-time employment has increased by 41,600 persons.
Seasonally adjusted monthly hours worked in all jobs decreased by 14.4 million hours in July 2017.
The seasonally adjusted employment to population ratio increased 0.1 per cent to at 61.4 per cent in July 2017, representing an increase of 0.2 percentage points from the same time last year.
The largest seasonally adjusted increase in employment was in Queensland. On the other hand, the largest decreases were in Western Australia and South Australia.
Australia’s largest employing industries
According to SEEK report, Healthcare & Medical industry is one of Australia’s largest employing and fastest growing industries. Demand for candidates continues to increase on SEEK throughout the Healthcare & Medical industry. Over the last three months job ads on SEEK for the Healthcare & Medical industry grew 9 per cent year on year, and was the third largest advertising industry on SEEK behind ICT and Trades & Services. The national average advertised annual salary across the Healthcare & Medical industry on SEEK is $87,851.
The largest advertising Healthcare & Medical sub-sector on SEEK is Nursing, with its many specialised areas. One Nursing sub-sector showing consistent strength is Aged Care, with annual growth of 13 per cent. Growth is likely to continue given Australia’s aging population.
Other Healthcare & Medical sub-sectors that had strong demand on SEEK for professionals over the past three months were:
- Physiotherapy, OT & Rehabilitation
- Psychology, Counselling & Social Work
The states that offered most Healthcare & Medical job opportunities are:
- New South Wales
A Global & Australian Economic Perspective
NAB business surveys stated the pace of global upturn picked up in the June quarter as preliminary GDP results for China, the US and the Euro-zone. A combination of favourable financial conditions, still-stimulatory monetary policy and no head-winds from budget austerity have underpinned the ongoing moderate growth in the big advanced economies. Conditions in the emerging economies have been more mixed with solid growth in China and India whereas Russia and Brazil have experienced tough economic times. We expect global growth to rise from 3.2% in 2016 to 3.4% this year and an around-trend 3.5% in 2018. China and India remain the stand-out global performers, accounting for around half of global growth between them, with a promising looking upturn in the Euro-zone and growth of around 2% in the US driving much of the rest of global expansion.
In Australia, the aggregate outlook for the Australian economy remains somewhat bland, despite solid activity in non-mining sectors outside of retail. While there will be some fluctuation in the through-the-year growth rate as LNG exports and dwelling construction increases. NAB early estimate of GDP in Q2 is for growth of 0.6% q/q (1.6% y/y), with even stronger rates expected for Q3 and Q4 as LNG exports ramp up further. Employment growth then eases a little through 2018, as economic growth loses momentum. Despite the RBA’s discussion of the neutral cash rate, there is no urgency in starting to return to neutral (the point at which monetary policy is neither expansionary nor contractionary).