According to the Australian Bureau of Statistics (ABS), there was a slight decline in job vacancies in November 2022. Vacancies fell by 23,000, or 5%, from August, leaving a shortfall of 444,000. This also represents an 8% fall in job vacancies from the peak reached in May 2022. The latest figures are however 12% higher than what was reported in November 2021 and twice as high as pre-pandemic February 2020 figures.
Bjorn Jarvis, ABS’s head of labour statistics, said that though there had been a decline in job vacancies during the second half of, it was noteworthy that a greater share of businesses confirmed having at least one vacancy. He added that the decline was mainly driven by the private sector which saw vacancies fall by 6% during the August to November 2022 period, while there was a 6% increase in job vacancies in the public sector for the same duration. Both sectors were however reporting almost twice as many vacancies as in February 2020.
As the report confirmed a tight labour market, accounting bodies CPA Australia and CA ANZ grabbed the opportunity to urge the government to rethink its skilled migrant program. The accounting, audit, and finance sector is estimated to require 30,000 additional professionals over the next three years to meet demand. This comes at a time when domestic graduates in the field are dwindling, requiring the sector to seek other options to fill vacancies.
The accounting bodies have made a submission to the 2023-24 permanent migration program, requesting the government to remove the annual cap on skilled migration and do more to change attitudes towards migrants. The associations affirmed that by removing the cap, Australia would be better placed to compete against other countries also looking to recruit from the same skilled labour.
It has also been reported that just 20% of foreign students that study in Australia end up making it their permanent home. The accounting bodies are asking the government to make it more appealing for foreign students to remain in the country by offering them a better shot at permanent residency. These international students are considered to be highly skilled and have a stronger understanding of the country’s regulatory environment, workplace culture, and norms.
Recruitment firm, Robert Half, has also highlighted cyber specialists as a niche that will also remain in short supply in 2023. Robert Half director, Nicole Gorton, noted that the niche technical skills of such professionals would always be in demand as businesses become increasingly aware of the threat cyber attacks posed.
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