Is the Australian labour market growing stronger?

Australian Bureau of Statistics reported job vacancies in Australia rose 18.5 percent to hit a record of 396,100 in the three months to 30th November. According to Commonwealth Bank of Australia senior economist, Belinda Allen the labour market had been in a strong position approaching the end of last year. 

The industry-wise numbers indicate that most vacancies were for Healthcare and social assistance (60,200 vacancies). Followed by accommodation and food services (45,800), administration (39,900), professional and scientific services (37,100) and manufacturing (29,500). 

While employers go on a hiring spree, the talent shortage continues to stress the labour market. On top of that a new phase of great resignation also seems to be approaching Australia. As per the report, staff quitting to take other jobs, increased workloads and business expansions were some of the top reasons given for the rise in vacancies.

“These figures continue to show the high demand for workers from businesses emerging from lockdowns, together with ongoing labour shortages, particularly in lower-paying industries," added ABS head of labour statistics Bjorn Jarvis. 

Will the job creation continue to stay strong even amidst the ongoing uncertainty triggered by Omicron outbreak? If yes, then to tackle the challenge of talent shortage, organisations will heavily depend on overseas talent and look for more support from the government.