Is the Australian employment market in a better shape than the International market?

Having spent time recruiting HR in both London and Sydney, it makes me smile when I hear people from international markets tell me that our Australian economy is in much better shape than the rest of the world and that the job market is a lot healthier! I would have to agree with that statement if I was currently in the mining and resources sector as life has never been better. If I were in any other sector I would be grateful for the mining and resources sector propping up a fragile economy and wishing I currently worked in it.

The Australian economy has a number of industries that spread the risk when a global market is in crisis. This has never been more prevalent than the last few years. Some of the main industries in Australia include mining and resources, manufacturing, media, FMCG, retail, professional and financial services. Like most economies internationally we have followed the trend of tough times over the last few years. Now more than ever there is an increasing gap between the successful industries and the ones that are struggling to survive, due to a high dollar and major natural disasters in the Asia Pacific region that have affected our export industry.

Over the last 6 months we have seen a number of clients downsizing due to economic pressure. A lot of our Manufacturing businesses are hitting the perfect storm and struggling to export products due to the high exchange rates, impending taxes on carbon emissions and very strong union movement. Our retail industry is in a huge battle with the government as more consumers are taking advantage of tax free products by purchasing online goods due to the high exchange rate. Not to mention our tourism industry finding it hard to lure people all the way to Australia for a holiday on an expensive dollar. The flip side is that the mining and resources industry counter act all the negatives and is thriving on a market that is bringing in more money than one can only dream of. In order to maintain a strong economy, the government is supporting the mining industry at all cost to keep a positive spin on what is happening in Australia both locally and internationally.

At the time I went through University it was all the rage to go into investment banking, however, if someone had of told me what the market here would look like in 2011, engineering would have been the better choice!

Depending on which way you look at it, we are in a healthier market than most due to our complex economy. Australia is a land of opportunities, it is just a matter of being in the right industry at the right time.

To find out more about the Australian Market contact Paul Breslin, Frazer Jones, Sydney Office
E: paulbreslin@frazerjones.com.au
T: +612 9236 9000

"The Australian economy has a number of industries that spread the risk when a global market is in crisis."

"Over the last 6 months we have seen a number of clients downsizing due to economic pressure."