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Australia’s outlook for the jobs market remains promising, with job vacancies still growing solidly. The drivers of jobs growth are changing, however, with the manufacturing, construction and public administration sectors unlikely to be such strong contributors over the coming year, according to the latest report from ANZ Research.
However, other high-paid industries, such as wholesale trade, mining, and professional services are likely to be more important drivers. In a reversal of the trend of the past decade, industry data show that employment growth over the past year has been dominated by high paid industries.
Further, vacancy data suggest that this trend should continue, which would support an improvement in broader measures of wages growth.
Meanwhile, the manufacturing, public administration and professional services sectors have been the largest contributors to jobs growth, while mining and construction were also up strongly. Importantly, the bulk of these jobs have been full-time jobs.
