STATE OF THE AUSTRALIAN JOB MARKET FOR JOB ADVERTISERS AND JOBSEEKERS
Here are some short, sharp statistics and helpful information for jobseekers and job advertisers, based on the latest data from the Australian Bureau of Statistics, Jobs and Skills Australia, and our own research.
The state of the job market in Australia as at the end of December 2023 (according to the most recent released stats available today) was resilient, despite some challenges posed by the COVID-19 pandemic and its more recent variants.
For jobseekers
• The unemployment rate remained at 3.8% in November 2023, the same as in October 2023.
• The participation rate remained at 67.1% in November 2023, the same as in October 2023.
• The employment increased to 14,259,000 in November 2023, up by 493,800 from November 2022.
• The employment to population ratio remained at 64.6% in November 2023, the same as in October 2023.
• The underemployment rate remained at 6.4% in November 2023, the same as in October 2023.
• The monthly hours worked decreased to 1,941 million in November 2023, down by 0.4% from October 2023.
• The most common reason women were unavailable to start a job or work more hours within four weeks was ‘Caring for children’, while for men it was ‘Long-term sickness or disability’.
• The most important incentives for people to seek a job or more hours were the “ability to work part-time hours” and “finding a job that matches skills and experience”.
• 88% of total employment growth was in occupations that typically require post-school qualifications.
• The occupations with persistent shortages were Aged or Disabled Carers, Electricians, Child Carers and Carpenters.
For job advertisers
• The labour force underutilisation rate remained at 10.2% in November 2023, the same as in October 2023. This means that there were still some potential workers who were either unemployed or underemployed, and could be tapped into by employers.
• The labour force participation rate for women was 62.4% in November 2023, up by 0.9 percentage points from November 2022. This indicates that more women were entering or re-entering the labour market, and could be a source of talent for employers.
• The labour force participation rate for people aged 65 years and over was 15.7% in November 2023, up by 0.7 percentage points from November 2022. This suggests that some older workers were delaying their retirement or returning to work, and could offer valuable experience and skills for employers.
• The labour force participation rate for people born overseas was 69.8% in November 2023, up by 1.1 percentage points from November 2022. This implies that more migrants were joining or re-joining the labour market, and could bring diversity and innovation for employers.
• The labour force participation rate for people with disability was 54.2% in 2020-21, up by 1.4 percentage points from 2018-19. This shows that more people with disability were seeking or working in jobs, and could contribute to the social and economic inclusion for employers.
• The median weekly earnings for full-time employees was $1,800 in May 2023, up by 3.4% from May 2022. This means that employers may need to offer competitive wages and benefits to attract and retain workers in a tight labour market.
The team at Platinumjobseeker™ wishes you all the best in your job search and commits to improving your job search experience with new and unique features to help you stand out from the crowd!
