2011 Australia Hiring Market Update
Vanessa Harding, Joint Managing Director Australia, talks about Australia's Hiring Market 2012
Optimism about prospects for the Australian economy over the next 12 months is tempered by the current uncertainty that exists in the global market. Although the fundamentals of the Australian economy are strong, the spiraling eurozone debt crisis, the weaker economic prognosis for China and business concerns surrounding the federal government’s carbon tax legislation are just a few factors that are mitigating confidence and clarity in the market as we move into 2012.
The International Monetary Fund has described Australia’s economic outlook as ‘bright but risky’. The nation’s overheated housing market and dependence on resource exports to Asia are latent threats to the health of the economy, and the gap between our strongest and weakest sectors has never been wider. The soaring Australian dollar has placed significant pressure on the sectors of the economy that are trade exposed, such as manufacturing.
In the face of these threats, Australia still boasts enviable growth prospects of 1.8% for this year and 3.5% for 2012. Commodity prices remain high, there is still room to cut interest rates further should the need arise and our banks are less dependent on offshore funding due to increased deposits. There is also fiscal space to delay the return to surplus and if needed, to take temporary discretionary measures given the low levels of government net debt – 6% of GDP.
So what does all this mean for the Sydney hiring market? To find out, we recently surveyed more than 1,050 senior level operational and HR managers working across financial services and commerce & industry in Asia Pacific. We asked them about their hiring plans for 2012 and the human resources challenges they expect to encounter. In this Hiring Market Update, you will find a summary of the survey results. To make it as relevant as possible to you, the results have been separated into two sections: financial services and commerce & industry. We trust that you will find this information useful and we welcome your feedback.
Senior Consultant | Accounting & Finance - Commerce & Industry (Contract)
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Tue, 22/11/2011 - 01:52