It has been a trying few months dealing with the ongoing fallout of the COVID-19 virus. Naturally, this has led to a shakeup of what the job market looks like now. Understanding what’s going on with the job market is crucial for those looking to enter the workforce, find new employment opportunities or, those studying and retraining for the future.
What does the data say?
Broadly speaking, employment in Australia was down with a further 85,700 Australian’s unemployed in May, raising the unemployment rate to 7.1%. The underemployment rate, those looking for more work and unable to find it, also rose to 13%. With recent government figures from July showing unemployment continuing to rise, it should come as no surprise that the job market is struggling, it has been a tough 12 months for Australia. But that doesn’t mean there are no bright sides for those looking for work.
Online shopping is helping
While COVID-19 may have shuttered certain parts of the economy, it has sped up Australia’s digital transition with SEEK reporting advertised roles in manufacturing, transport, and logistics increasing 60% in May. Spurred by the dramatic increase in online shopping and the disruption of international supply chains that don’t appear to be returning to normal anytime soon. This may mean increased job opportunities for the foreseeable future which we may be able to help you with here
For similar reasons customer service roles particularly in financial services, saw marked increases in job opportunities. Many companies still needed to interact with their customers yet could not do so with restrictions. This has led to a retooling of the current workforce and expansion of online and telephone departments for banks and insurance companies traditionally large employers within Australia.
As the economy continues to recover, we will see spikes in affected industries as some states relax restrictions. Job ads in areas such as hospitality and tourism are even up 138%. The states that were least affected by COVID-19 have rebounded well with job ads seeing the biggest increases in South Australia, Tasmania, and Queensland with a hope of gathering momentum for the economy to bounce back.
Where are the long-term employment opportunities?
With ongoing uncertainty persisting in the Australian job market, those looking to study or retrain for a career swap might be having trouble making a decision. With COVID-19 making it hard to predict anything, data still shows the healthcare and social assistance sector as the fastest growing industries within the economy and your best bet for stable employment opportunities in Australia
Job Outlook is a great place to start if you want to have an in-depth look at the careers out there and where employment in Australia is headed. If you are looking to retrain for a new job, particularly in the fast-growing healthcare and social assistance sector, MAX can help get you job ready and give employment advice.