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A CXC Global Knowledge InitiativeMonthly Media BriefEmployment | The Economy | Contract WorkOctober 2015
IntroductionThe purpose of this monthly report is to provide you with an
opportunity to better understand recent news at both a macro & micro level, to understand topical trends covered in the media both locally & globally, and to discuss how these may impact
business in A/NZ.
1
THE ECONOMYBelow, a summary of the coverage around the economic outlook for Australia for the period: August – mid September 2015..
ECONOMY UPDATES
A
B C
D
24 Years with No RecessionWith 24 years of no recession – a feat unmatched by any other developed nation – Australia is hurtling towards a radical economic shift with tempered mining activity & a softening Chinese economy
ANew Prime MinisterWith a new Prime Minister in place, whose constituents include a generation who’ve only known prosperity, innovation is seen as key to keep Australia’s growth sustainable
BInternational Events Sour Investor Interest The unprecedented wealth created from the mining boom & China’s insatiable appetite for our natural resources has seen a drop in unemployment over the past 10 years and wage growth in the last 5 years, like never before
CRebalancingWith our economic growth faltering, ‘rebalancing’ is seen as critical now under Turnbull, and is coming into parlance rather than the concept of ‘recession’
D
JOBS OUTLOOKBelow, a summary of the coverage around jobs outlook for Australia for the period: August – mid September 2015.
JOBS OUTLOOK
An 11% rise in job ads in August 2015 compared to the same time last year, according to SEEK
Rise in Job Ads
As resources roles decline, there’s uptake in other industries including education & training (32% YoY increase), followed by farming, animals & conservation (26% YoY increase), design & architecture (23% YoY increase), and call centre & customer services (22% YoY increase)
Decline in Resources Roles
Non-mining economies are showing jobs strength in the ACT, NSW, Tas & Vic
Non-Mining Jobs Strength Wage growth in Australia hits
record low – in the private sector, at just 0.5% for the second consecutive quarter. The public sector had slightly better growth at 0.57% for the same period. Ordinarily, an increase in hours worked would be accompanied by improvement in wages, but instead the opposite has occurred. The reason being an increase in the space capacity of the labour market
Low Wage Growth
Clear declines in jobs are evident in WA and NT. SA is softening, despite lesser reliance on mining, but heavier on manufacturing
WA and NT Decline in Jobs
CBA D E
CONTINGENT WORKFORCE COVERAGE
CONTINGENT WORKFORCE COVERAGE
Flexible workforce continues its evolution according to Ardent Partners’ ‘State of Contingent Workforce Management’ study released recently, in partnership with Fieldglass
The concept of external workforces (non-permanent hires) are growing ‘out of control’
SOMETHING INTERESTING IS HAPPENING…
UBER1
The world’s largest media owner creates
no content
FACEBOOK2
The most valuable retailer has no inventory
ALIBABA3
The world’s largest
accommodation provider owns no real estate.
AIR BNB4
The world’s largest taxi
company owns no vehicles
SourcesEconomy & Jobs:
1. Economy - http://bit.ly/1jVvOnz Contract Work:
2. Freelance numbers in Australia http://bit.ly/1UzRm6D 3. Design-led MSPs http://bit.ly/1UDOwRw 4. Ranstad report http://bit.ly/1LZ9fYC 5. The traditional worker turned freelance worker http://bit.ly/1LZ9GSI6. Is the gig economy over-hyped? http://bit.ly/1LZa9nV
Contact CXC Global
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+61 1300 724 [email protected]
