Insight: Stay ahead in the job market trend with the latest insights and data

With talent at a premium in Australia, it’s clear that talent retention will be crucial for the rest of 2023 and into 2024, helping smart businesses create a
competitive advantage. According to the latest Jobs and Skills Australia’s Labour Market Update 2023, labour market conditions in Australia were particularly robust in 2022 and the
unemployment rate fell to levels not seen in close to 50 years.

There was an increase in employment of 0.6% (or 87,300 positions), driven primarily by the creation of new full-time jobs, and the unemployment rate
decreased from 3.6% to 3.5%. With a corresponding growth in labour supply and ongoing strong demand for jobs, the Wage Price Index (WPI) rose
by 0.8% in the December quarter, hoisting annual wage growth to 3.3%.

Despite labour markets showing greater stability, talent shortages persist in 2023 and forward-looking leaders are moving beyond what many called ‘The
Great Resignation’ and ‘Quiet Quitting’ to address a series of new difficult challenges.

Experts say the strong pace of employment growth will be difficult to sustain and the Australian labour market is not immune to the international forces driving
higher inflation and slower global growth.

Read more here.