Fresh data from the Australian Bureau of Statistics (ABS) illustrates the challenging dynamics of the labour market for Australian employers.
25 May 2022
According to the ABS, during the year ending February 2022, 1.8 million people were not working but wanted to work (potential workers).
In the same period, 1.3 million people (or 9.5% of employed people) changed jobs, the highest annual job mobility rate since 2012.
The annual retrenchment rate was 1.5%, the lowest annual rate on record (since 1972).
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The data comes as business leaders call out the significant impact on businesses. ACCI chief executive Andrew McKellar said the chamber was willing and ready to work with the Albanese government on the issue immediately.
He said ending “the most acute labour and skill shortages in 48 years” was a number one priority for the ACCI.
“Small businesses cannot afford for the next federal government to drag its heels on growing Australia’s workforce.
“ACCI will seek to be an active participant in Labor’s proposed employment summit. Bringing unions and employer groups together in a collaborative manner will be an important opportunity to reform our ailing enterprise bargaining system, bolstering productivity and driving higher wages growth,” he said.
Last week, the ABS released the latest jobless figures, in which the unemployment rate fell to a 48-year low of 3.9%.
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