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Market Report

Market Report

Market Report

​Confidence has returned with a vengeance with conversations, meetings and business activity gaining momentum along with the ABS reporting an incredible 3.3% growth for the September quarter.

But what is really happening out there? There's a perception that the market is currently awash with highly skilled people but is that actually true?

With unemployment reported as a single figure, the complexities of which industries have been impacted, along with the severity of the impact skews the data creating a perception that all industries have been hit equally as hard, when it has not been the case.

This leads to those who are employed choosing to become risk averse, staying put in their jobs and reluctant to move which in turn, decreases the natural churn that occurs in the market when a person moves on and leaves a gap to be filled. because they, feeling relieved that they actually have a job.

It's no surprise that the hospitality, travel and tourism industries have felt the greatest impact from the pandemic with research from Australian Industry & Skills Committee showing a significant to the lowest employment level in hospitality recorded since 2000.

On the flip side, according to Seek, there has been a high demand for warehousing, logistics and healthcare staff, as well as those with e-commerce, digital and digital marketing skills as consumers have been forced to adapt their buying habits, shifting online. The finance industry has also been busy, helping their clients navigate to understand and apply for a wide range of government assistance.

Those businesses with offices interstate have also been buoyed by the earlier recovery particularly in Sydney and Brisbane providing much needed revenue and for many larger corporates and government agencies, the main difference was adapting to having staff working from home.

As confidence increases and provided that there are no further serious outbreaks, there is a general feeling of optimism as we look forward to a fresh new start in 2021.

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