BLUF
Record low unemployment rates are welcomed by politicians and workers are enjoying job choice, but businesses are especially challenged by the shortage of labour.Summary
The Australian Bureau of Statistics reports labour data that Australia’s unemployment rate will sink as low as 3.8%, the lowest rate since 1974
As a consequence, Australia is experiencing:
- Hiring signs are becoming increasingly common in shop windows.
- Labour shortages force businesses to limit services.
- Recruiters have to increase pay to lure talent.
- The Council of Small Business Organisations Australia reported, “It’s stifling growth, and it’s stifling their ability to innovate,”
- Smaller firms are less able to free up staff and time to train newcomers.
- An increasing number of unleased shops in shopping centres.
The government will inevitably trigger increased employment with election promises and commitments to infrastructure spending.
However, despite these issues, businesses are confident that they will be able to fill jobs and maintain profitability. Employees will also benefit from greater job choice and improved pay and conditions.
References
Recent Runway Posts related to this topic:
- How Businesses Can Find 'Hidden Workers' – TheRunway (airforce.gov.au)
- The Human Skills We Need for an Unpredictable World – TheRunway (airforce.gov.au)
- Last Year NSW had Centrelink Queues. Now there is skills shortage – TheRunway (airforce.gov.au)
References from the Web :
- FEB 2022 Why are the unemployment figures so low? – Grattan Institute
- FEB 2022 How is the unemployment rate falling to such low levels? Is this normal? - ABC News
Source Information The Guardian:
- Article Source: The Guardian
- Media Check: Media Bias/Fact Check - The Guardian
- RAAF RUNWAY: RATIONALE, GUIDELINES, LEARNING OUTCOMES, ETC |
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