800,000 New Australian Jobs to be created by 2023
Posted on July 1, 2019
800,000 New Australian Jobs are projected to be created by 2023 as per the latest report on trends in labour market in Australia. The leading sectors in creating jobs in Australia are:
- Health care and Social Assistance – 250,300
- Constructions – 118,800
- Education and Training – 113,000
- Professional, Scientific and Technical Services – 106,600
All the above four industries are estimated to account for 2/3rds of the total growth of Australian jobs in the next 5 years. Thus, Australia is all set to positively continue its growth story in the upcoming 2 decades.
The growth and expansion in labour market in Australia will be supported by a growing population. The gateway affinity to the three Global Economic Leaders of the future will also be helpful. These are India, China, and Japan.
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ANZ Head of Australian Economics David Plank said that the workforce has been a vital factor in the growth of the Australian economy in the last few years. The declining rate of unemployment and a strong increase in jobs offer the incentive to offset the effect of lower prices of houses, said Plank.
RBA – Reserve Bank of Australia has expressed immense faith in the record number of job openings. This is as for the most accurate measure in assessing the future of employment growth in Australia. It will assist in keeping gradual descending pressure on the rate of unemployment. This at present is at its lowest levels after 2011.
RBA made public remarks last year regarding the latest disconnect between job vacancies and data for jobs ads. It may be due to the fact that employees and employers now connect on alternative forums rather than conventional job websites. This could be company job portals and LinkedIn, added RBA, as quoted by the SBS.
Philip Lowe the Governor of RBA said that the fiscal policy is already offering significant support to the economy of Australia. It is apt to maintain the existing policy framework while developments are being assessed, added Lowe.
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