Jobs market insight

Paul O’Loughlin

For most of us the last four months have been perilous. Border closures, daily COVID numbers either escalating or declining, quarantine breaches, political posturing, Royal Commissions, and of course elderly deaths in our aged care facilities. No wonder the community does not know where we are heading with all of this. There are however signs that the jobs market is turning!

For what it is worth there are pockets of renewed demand for talent. Clearly health care is experiencing increased demand for workers but outside the epicentre of the pandemic, telecommunications, mining, infrastructure, government, IT are all showing signs of growing demand. Whilst the economic recovery might seem some way off, the commercial sector in part is leading a spirited fight-back of sorts. In speaking regularly with recruitment agencies, the general narrative that I am hearing is “unpredictability with irregular high demand”. Sustaining momentum will depend on continued government stimulus. Government support for large scale projects in mining as well as infrastructure, technology, security, telecommunications to name but a few talent “hotspots” will require long-term commitment though.

The timing for such investment has never been cheaper in terms of the cost of funding, and available talent has probably never been more accessible. Obviously, boarder restrictions will have an impact domestically on the transference of human capital however the prospects for reducing the unemployment rate in the short term look sound. The rebirth of the Australian manufacturing sector is already occurring as Australia like many of its trading partners redefine global supply channels. There is a massive government push to re-build our manufacturing base and this will occur swiftly with investment already falling in line to support this government initiative.

Australians have always been resourceful. We have a reputation for never giving up in the face of adversity. I believe we are in good shape to “seize” upon our current economic misfortune. Our domestic marketplace, our regional economy, and our international free trade agreements are all combining to lift our long-term economic prospects, which will have a magnified effect on our jobs market.

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