10 September 2007
Hiring boom in Australia fuelled by skills shortage
Australia's hiring boom looks set to continue as the economy expands and employers hired an estimated 17,500 extra workers in August, according to a survey of 25 economists by Bloomberg news. This is the tenth month in a row employment rates have gone up, following the 21,800 jobs added in July. The severe skills shortage across the country means Australia is desperate to attract skilled people for Australian immigration.
The unemployment rate is around 4.3 per cent, the lowest since 1974, due to the severe skills shortage. Joshua Williamson, senior economist at TD Securities Ltd. in Sydney, told Bloomberg: "We're expecting solid employment growth through the rest of the year and into 2008, which will create some upward pressure on wage rates."
An Australia & New Zealand Banking Group report released this week said that job-vacancy advertisements rose in August for the first time in three months as demand for labor increased. More than 141,000 jobs have been added to the economy so far this year. This is not quite as stunning as the 300,000 new positions created in 2006 but still indicates strong growth and great opportunities for skilled people applying for an Australian visa.
New jobs, rising wages and income tax cuts, is helping fuel the economy's expansion. The government has announced that gross domestic product grew almost twice as fast as economists expected in the second quarter. Consumer confidence is growing with retailers reporting higher sales, new shops opening and household spending up 0.6 per cent in the second quarter.
More information about Australian immigration can be found on the Australian Visa Bureau's website. Anyone interested in applying for an Australian visa should begin by completing the online Australian visa application to see if they meet the Australian visa requirements.