Insights into the Australian Job Market Q4 - 2023

I've collated the latest Australian RCSA June job market report with key points that may interest the property and construction sector. There are only a few minor changes from March Q3, and the talent demand has only slightly changed across sectors and states. At the end of the fin year 23 and the June quarter, the talent demand has only slight changes across industries and states.?

Job advertisements?– are still at a peak, with recruiters confirming an easing demand for a more balanced market. While slightly down in the June quarter only by 0.6%, the advertised roles are still 22% higher than two years ago, which isn't surprising – given that was the peak of lockdowns – so, in fact, a redundant comparative statistic.

Education and training talent requirements?rose the highest across the sectors, and construction and Mining, without a decline, rose by 2.4% across Australia. This slight increase is due to commercial and infrastructure still picking up the slack from a failing residential sector. A deeper look showed that Mining is still at an exceptionally high level. Still, job postings have levelled out considerably now that global commodity markets have returned to some degree of normality following the initial turmoil created by the start of the Ukrainian war.

After two flat quarters, there is a?significant increase in job postings for Sales staff. The cumulative rise over twelve months is 26.7%, the highest of all Occupational Groups. It suggests employers are beefing up their sales capability to maintain scale should markets contract.

?In the June quarter, there were?significant falls in advertised roles in Western Australia?(down 4.2%) and Queensland (down 3.5%). Both peaked in January of this year and have eased since. Both States have job markets heavily geared to Mining and Resources where demand has stabilised as commodity prices and demand have steadied. The transition to renewables will impact longer-term employment.

Victoria managed a rise of just 0.2%. It is now the only State to record a net decline in job advertisements over twelve months (-2.8%). The other region to see contraction year on year is the ACT (down 10.0%). Is this because both states have been propped up by government spending on the back of covid stimulus, which is now bottoming out??

For more extensive information and to view the Job Market Report see, click on the read more link below –?

I suspect there will be a slight decline in roles available, and the candidate pool will increase. In turn, creating more choices in theory for business leaders and maintaining salaries vs the high peaks we have seen across our sector over the past two years.

From all accounts, it is business as usual at Belkirk as we start a new financial year. Please let me know what you think about the above.?