Much of the recent economic news has not made for pleasant reading – especially the rapidly rising cost of living – but there is one statistic that every Australian should welcome.
Figures released in July revealed that Australia’s unemployment rate has plunged to a 48 year low of 3.5 per cent (unemployment in 1974 was 2.7 per cent), with an additional 88,000 jobs added in the last month.
In some even better news, a quarter of all new jobs created in June were in Queensland, however the state’s unemployment rate remains at 4 per cent. Last month in the Sunshine State, 26,700 people found a job, while the jobless number increased by 11,400.
This result did not happen overnight, and I believe it is a testament to the hard work done by the Coalition over the past few years, particularly during the pandemic to protect businesses from economic meltdown and keep our economy strong.
Currently in Australia there is one job for every person who is unemployed, meaning we are almost at what is called ‘full employment’, a hypothetical situation where anyone willing and able to work can find a job.
What does this mean and why does it matter? A healthy job market, and almost full employment, is great news for anyone preparing to enter the workforce. School leavers and university graduates are spoilt for choice when it comes to employment.
Employers are crying out for suitably skilled workers, to help them keep up with demand, especially after the COVID-19 pandemic and the closing of our international borders to all but a few international workers.
Prospective employees also have real bargaining power and could be able to demand top dollar for their services, or additional perks such as more annual leave or flexible working arrangements… conditions that employers may be willing to accept if they want the perfect employee.
So, now is the time to brush up your CV or acquire a few new skills, and set your sights on landing that dream job.
