Australia’s job market saw a dip in online job ads last month, with a 1.9% decrease in seasonally adjusted terms. While this continues a year-long trend of declines, there’s still a silver lining: monthly online job ads remain 30% higher than in 2019, reflecting a more resilient demand than in 2019.
The downturn was felt across most states, territories and occupational groups. Western Australia and Victoria led the decreases, with notable drops in postings for Technicians, Trades Workers and Skill Level 2 occupations. Regional areas saw job ads fall by 12.7% over the year, though capital cities experienced an even steeper decline of 14.3%.
Stocking up on advisers: Is a bull market for Fin-talent on the horizon?
Interestingly, the financial investment and advice sector may be at a turning point. Despite broader employment growth, online job ads for Financial Investment Advisers and Managers remain sluggish. Yet demand for skilled professionals in this sector is expected to rise as Australians seek guidance for retirement and financial planning amid upcoming regulatory reforms.
A skills mismatch appears to be driving shortages in this area, prompting employers to explore creative solutions to fill vacancies. As the sector evolves, the question remains: are we on the cusp of a hiring surge for financial talent?
While the overall job market shows signs of softening, specific sectors like financial advice could be gearing up for a growth phase.
Stay up to date and subscribe to the monthly email.
For direct queries email us at JSA-Nowcasting@jobsandskills.gov.au
