Australian Job Market will add 886, 100 new jobs in next 5 years according to the statistics of the Jobs and Small Business Department. This is an increase of 7.1% for the next half-decade. The projections for 2018 to 2023 indicate that the structural transition for long-term will continue. This will be towards the services industries, as quoted by the LMIP GOV AU.
Below are the Australian sectors that are projected to have the maximum growth of jobs in this period:
- Social Assistance and Health Care
- Training and Education
- Scientific Technical Professional and Services
Meanwhile, 2 sectors are projected to witness a decrease in jobs growth:
- Wholesale Trade
- Forestry Agriculture and Fishing
It is expected that the decline in the Manufacturing sector is likely to subside and growth is anticipated in the sector. The projections have been revealed by the Jobs and Small Business Department in August 2018. These are based on data from diverse sources.
The projected and forecasted total jobs growth rates published in 2018 Budget have been included in the projections by the Department. Data from June 2018 Labour Force Survey for total employment are also considered. The May 2018 Labour Force Survey data for industry employment has also been included.
Data Analyst at the Jobs and Small Business Department Ivan Neville said that the report offers dependable indicator for future growth of jobs. The most astonishing feature is the increase in the Manufacturing sector, though small, added Ivan.
The projections of growth in the Australian Job Market reflect the enhanced competitiveness of the economy. This is owing to the lower Australian dollar along with the enhanced focus on adding value in international supply chains. It is a shift from the focus on manufacturing.
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