RC didn’t slow job growth in fin services

image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

16 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

17 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

18 hours ago