The last Labour Market Update (LMU) report for 2023 is now available.
The report found that around 88% of total employment growth (over the year to August 2023) was in occupations that typically require post-school qualifications.
This reflects the importance of the higher education and Vocational Education and Training (VET) systems to growing a high-skilled Australian workforce.
Around 60% of total employment growth over this period was in occupations where VET qualifications are the primary pathway.
This is reinforced by Jobs and Skills Australia’s (JSA) latest projections, that suggest that by May 2028, 100% of all roles will require at least a secondary education (or Skill Level 5), with 86% requiring a tertiary qualification (or Skill Levels 1-4).*
The new LMU report further shows that the unemployment rate remains low, there is a shift towards part-time employment growth and a reduction in hours worked, which could be signalling a turning point in the broader labour market.
Further signs of an easing in labour demand are seen in the Internet Vacancy Index and Recruitment Experiences and Outlook Survey, which both show that recruitment activity is tapering off.
The top 10 occupations with the largest increase in employment over the year to August 2023 include Aged and Disabled Carers, Electricians and Child Carers.
The report also features new JSA analysis that compares the relative labour market strength of regions. The results of the Regional Labour Market Indicator (RLMI) show that stronger-performing regions tend to have larger populations concentrated in major cities. By contrast, poorer performing regions tend to be located in outer-regional or remote areas.
For a more comprehensive story about the state of the current Australian labour market, read the December Labour Market Update now.
*Source: Projections produced by Victoria University for Jobs and Skills Australia. Note: The employment projections are based on the macroeconomic and labour market outlook provided by the Commonwealth Treasury.
