Unemployment may have fallen to 5.7 percent in December, but business leaders are warning we are not out of the woods yet and labour shortages are ahead.
Australia experienced the fastest jobs growth in three years during the month of November, signalling a peak in unemployment and sparking concerns among chief executives that Australia will again be facing acute labour shortages with competition from Government stimulus spending.
Addressing the Business Economists annual forum earlier this week, Treasury’s chief economist, David Gruen, said there could be some localised pressure on skills from the Government’s stimulus spending.
Meanwhile, CEO of recruitment and HR services specialist, Randstad, Deb Loveridge, said that organisations need to prepare themselves for a slow return to normality both from a hiring and retention point of view.
“We’re not out of the woods yet. Employers need to focus on keeping their current staff satisfied, as well as keeping an eye out for the best talent,” she said.
Jobs market rebounds