RC didn’t slow job growth in fin services
It seems the Banking Royal Commission did not slow down demand for jobs in the finance and insurance services sector, with the Sunsuper Australian Job Index posting a 10 per cent growth in finance-related job opportunities in the first quarter of 2019.
The Index fell 0.4 per cent in the March quarter, but rose 0.3 per cent on an annual basis, and while the contingent market fell 5.2 per cent in the last year, the permanent market grew 2.6 per cent.
The Index showed demand for professional services, mining and manufacturing and distribution were all up 9.5 per cent, 7.4 per cent and 11.3 per cent respectively for 2019, while labourers, machinery operators and drivers and technicians all fell.
Sunsuper’s chief economist, Brian Parker, said while the job market had clearly softened over the last quarter and year, demand was still at a historically high level, with Western Australian producing a particularly strong result with permanent job opportunities rising 7.1 per cent and contingent job vacancies rising 7.8 per cent.
“The catalyst, no doubt, is the resurgent mining sector where producers are capitalising on strong commodity prices and hiring has picked up directly and indirectly,” Parker said on WA’s strong results.
But while mining may have helped WA post these results, it certainly didn’t aid Queensland, which saw contingent and permanent job vacancies contract by 1.9 per cent and 2.5 per cent respectively.
“Victoria also fell (2.2 per cent permanent, 2 per cent contingent) but it has to be remembered that the Victorian employment market has been red hot, so this is a relatively modest decline from an exceptionally high base,” Parker said.
AUTHOR
Anastasia Santoreneos
Recommended for you
Advice licensee WT Financial has announced a 50/50 joint venture with the Australian subsidiary of a US financial advice investor.
Wealth managers will need to reach aggressive short-term goals to grow their assets under management, according to Natixis Investment Managers, but Asia-Pacific has the lowest expectations on their future growth.
With a rising number of licensees opting for bespoke managed accounts, a panel of experts has shared what firms need to know before going down the custom route.
ASIC has banned a Queensland adviser from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients.
