Hire in Australia
The services sector heavily dominates the Australian economy. Despite a population of over 25 million, the unemployment rate is astonishingly as low as 5%. Australia survived the pandemic boldly, and the Australian Bureau of Statistics stated that its employment rates, which were earlier hit by the pandemic, jumped back with an increase of 5.1%. With lively destinations, beautiful weather, and hundreds of job opportunities in various sectors, Australia is one of the most incredible nations to live and work in.
In the last decade, Australia has shown exemplary progress in terms of the job market, economic growth, and low inflation. Its multicultural and welcoming society is perfect for young and qualified professionals and graduates. The education, science, and technology sector has shown considerable growth in the last year and has helped boost employment rates. Australia is one of the few nations close to a pure economy with free-market forces at work in most sectors. The place liberally permits and invites skilled workers, qualified academicians, and graduates worldwide.
Overview of Australia
As of 2021, Australia is the twelfth largest economy in the world by nominal GDP (Gross Domestic Product). The service sector heavily dominates the economy with the lion's share of 62.7% and employs about 78% of its working population, followed by the industrial and agricultural sectors. The country has not been hit by recession in the last 26 years and has shown uninterrupted overall financial growth.
Total population – 25 million+
GDP – 1359.33 billion USD (FY20)
As per the National Bureau of Statistics reports, the Australian economy has bounced back in 2021 after the pandemic enforced restrictions. The GDP of Australia has been growing with an annual rate of 4.54 %, and it has reached the valuation of 1359.33 billion USD. The experts have stated that in the April quarter for the year 2021, the unemployment rate has been reduced to 5.5%.
The COVID-19 pandemic has specifically affected the personal services sector of Australia, including the accounting services industry, management consulting industry, and other technical services departments. However, recent growth suggests that the industry revenue is expected to increase at an annual rate of 1.8% between 2021-26. Finance, health services, and consumer goods retail are the emerging sectors in the market.
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A brief glimpse of the industries
- Due to a decline in private capital investment and decreasing interest rates, the finance sector in Australia has been witnessing a tumultuous time. Between the year 2016-2017, Australia witnessed an increase in the prices of private residential properties. However, a decline in the cash flow has led to a decrease in the revenue generated by the private sector by around 4.6% in 2021 because of the pandemic.
- Australia's growing population has led to an increase in the demand for health services. General hospitals are the largest source of revenue for the sector. However, with the outbreak of Coronavirus, the health services have been channelized towards containing the virus. However, the revenue is expected to grow significantly by 1.5% by 2021.
- The iron ore mining industry is expected to see a growth of 15.8% to 128.7 billion USD because of increased iron ore prices. The Australian industry is driving hard to fulfill the steel demands in China and cater to its growing economy.
- Increased internet activities and a digital bloom have increased industry revenue for IT services and computer system design services. The industry revenue is expected to grow at an annualized rate of 4.8% from 2021 onwards. Australia's average download speed is 58.83 Mbps, while the average upload speed is 21.44 Mbps.
- Like many other countries, Australia has also witnessed slow conditions in the retail sector. With the consumers isolated, the expenditure on essential goods has increased, but the overall spending in the retail sector has been falling because of the unstable economical environment.
Cost of living in Australia
Australia currently has the 16th highest cost of living in the world. It is one of the liveliest cosmopolitan states globally, and its popularity amongst expats contributes to its high cost of living. Despite a recent boom in property rates, some of the cities in the country do offer an affordable cost of living. Adelaide and Hobart's city are comparatively the most affordable cities to live in Australia.
Cost of Renting
The cost of living on rent in Australia depends on the location and the size of the house. A one-bedroom apartment may cost you about A$ 1,642.69, depending upon the area. The rent is subjected to an increase depending upon the amenities available and the lifestyle desired.
Cost of living depending upon your location
The vast allocation of resources has resulted in different costs of living for different cities. Mercer's recent survey has recently declared that the Australian cities have witnessed a reduction in the cost of living, which is an amazing factor for individuals looking to relocate.
- Cities categorized as Tier 1 cities are metropolitan cities like Sydney, Melbourne, Brisbane, and Perth.
- Cities categorized as Tier 2 cities are upcoming centers like Gold Coast, Cairns, Geelong, etc.
- Cities categorized as Tier 3 cities are locations with notable growth potential like Ballarat, Fraser Coast, Maitland, etc.
Mentioned below are details regarding the cost of living in the leading Tier 1 and Tier 2 cities of Australia.
The top sectors that are expected to hire in 2021 in Australia are: -
Top skills in Australia
Australia has a free-market economy and is heavily dominated by the service sector. Consequently, it is keen on hiring skilled individuals and highly qualified professionals trained in various hard and soft skills. From high-level technicians to creative graphic designers, techie experts, and artistic minds, there are fantastic job opportunities available for all these skills.
Major skills and areas which have witnessed a recent growth rate
- Computer Science/IT
- Graphic Design (UX Designer)
- Language (Academic and creative opportunities)
Top skills city-wise occupation-wise
Every city in Australia has its qualities, making them unique and suitable for certain industries/sectors. In addition, Australia is a beautiful country with many cities, and its diverse landscapes create special work opportunities for many enthusiastic immigrants and expats.
- Hobart – With an average salary of A$ 52,000 per annum, Hobart, the capital of Tasmania, is one of the best cities to live in Australia. This city is home to some of the most beautiful seaports of Australia. It is known for its import and export businesses, catamaran factories, large breweries, and boutique retail shopping outlets. The wine industry is thriving here thanks to steady growth in local wine production.
- Melbourne – It is the capital of Victoria and one of the most developed cities in Australia. The commercial hotbed for the latest IT services, financial services, accountancy, and graphic designing. The tourism industry is one of the most thriving industries in Melbourne and generates considerable revenue every year for the economy.
- Sydney – The average salary in Sydney is A$ 66,532 and is one of the most important tourist destinations. Some of the most popular jobs that will pay you well in Sydney are accountant, account manager, and operations manager. It is the leading city of Australia and is a hub for job opportunities. It is ranked 11 in the world in terms of job opportunities available.
The cost of hiring is an extremely important facet for employers while conducting a recruitment process. You need to think about several factors before deciding to hire new personnel, such as:
- Onboarding and training
- Opportunity costs
- Interviews and hiring processes
- Time invested
Salary structure for various roles
The table below highlights the average salaries that are offered to employees in Australia according to different sectors:
Employment laws in Australia
Australia boasts of a highly regulated employment system with well-defined federal and state laws. Factors such as work hours, penalty rates, and overtime payment vary according to the industries. The National Employment Standards regulates the following employment aspects –
- Maximum work hours
- Paid and unpaid leaves
- Termination of employment
- Redundancy pay
- Workplace surveillance; and
The laws and regulations that govern the employment relationships in Australia are based upon
- Legislation (federal, state, and territory laws)
- Industrial instruments
- Contractual agreements
- The common law
- Social security laws
How Can Skuad Help You with Hiring in Australia?
Hiring the best talent in Australia is a complex process and demands a thorough understanding of the local laws, cost of living, cost of hiring, and several other essential aspects. Utilize Skuad’s unified employment platform as your one-stop solution for all intricacies involved in the recruitment process. You will save a significant amount of time and resources to focus on other productive channels. Connect with Skuad to know more.