Labor leader Anthony Albanese says Australia has to retain a strong manufacturing base.Credit:Louie Douvis
CommSec chief economist Craig James said employers should be alert and a little alarmed at the changes taking place across the jobs market as they tried to attract new workers.
“The job market is tight and a near-record number of jobs are vacant and looking to be filled,” he said. “To attract and retain staff will require a lot more effort than applied in the recent past. Higher wages and better conditions may require the business to lift prices.”
Treasurer Josh Frydenberg,who is putting the finishing touches on his budget speech,said Australians could expect to seestrong improvements to the budget’s bottom line on Tuesday,thanks to a low unemployment rate.
Loading
The unemployment rate is currently at a 14-year low of 4 per cent and forecast to drop below 4 per cent this year.
Australia’s border reopened at the end of February after being closed for nearly two years,stalling migration and the movement of overseas skilled workers and students.
The Treasurer said the border reopening meant international tourists could come back,but it would also help fill gaps in Australia’s workforce.
“There are many,many businesses that are looking for more workers,” he said. “But what we’re seeing with the budget is a material improvement to the bottom line as a result of a strong economy.”
By the numbers
From February 2020 to February this year,jobs have grown in:
Preschool education,from 621,000 to 673,400
Hospitals,from 494,800 to 546,100
Finance,from 199,900 to 247,900
Jobs have fallen in:
Food and beverage service,from 831,000 to 793,000
Wholesale trade,from 317,500 to 260,800
Coming soon:Essential news,views and analysis that cut to the chase of the federal election campaign. Sign up to our Australia Votes 2022 newsletterhere.