Job opportunities increasing across Australia

Job opportunities increasing across Australia

The latest data from SEEK shows that there were 12.6 per cent more new job adverts on their site in the last financial year (July 2016 – July 2017). 

This mirrors data released in July by the Australian Bureau of Statistics (ABS), that showed unemployment rates had fallen (for the third consecutive month) to 5.5 per cent. 

Which industries are growing? 

There was good news all around according to SEEK’s Chief Commercial Officer Kendra Banks, who stated that “all but three industries enjoyed positive advertising growth”. 

“The Mining, Resources & Energy industry continued to have the greatest job ad growth of all industries on SEEK, up 73 per cent in [the 12 months leading to] July,” said Ms Banks. 

This was followed by Government & Defence with 30 per cent annual growth and Trades and Services with 28 per cent annual growth. 

The only industries that saw negative growth were Call Centre & Customer Service, Insurance & Superannuation and Advertising, Arts & Media.

istock_79305201_small5

Who offered the most job opportunities?

Rank
(most job opportunities)
Classification % Growth
July 17 v July 16
1 Information & Communication Technology (ICT) 5
2 Trades & Services 28
3 Healthcare & Medical 13
4 Manufacturing, Transport & Logistics 19

“It’s no surprise that the ICT industry offered the most job opportunities on SEEK this July. ICT has been the top advertising industry on SEEK for a while now,” said Ms Banks. 

“Australia is one of the most digitally connected countries in the world, and businesses are increasingly relying on technology and software solutions to support their operations. 

“As a result, ICT professionals are in high demand to create and manage these new technologies,” concluded Ms Banks. 

What roles are most popular? 

SEEK also found that there was an increasing difference in the rate of growth between Full Time and Non-full-time job advertising, with Non-fill-time jobs growing at a faster rate. 

“This trend has been ongoing since late 2010,” according to Ms Banks. 

“However, our latest SEEK data has revealed that Full Time jobs were the most advertised role type on SEEK over the past financial year.”

There is still strong demand for candidates in the following industries:

  • Healthcare & Medical
  • Government & Defence
  • Education & Training
  • Manufacturing, Transport & Logistics
  • Consulting & Strategy
  • CEO & General Management
  • Real Estate and Property
  • Trades & Services

Where can you find work?

Positive job ad growth occurred across all states and territories for the last financial year.

Good news for techies, New South Wales’s advertising pace rose 7.3 per cent, and Victoria by 14.1 per cent, in the last financial year. Advertisements for ICT industry roles were the highest ranking in both states.

Mining-dominated states also saw a “recovery”, with ads on SEEK up 16.8 per cent in Western Australia and 20.2 per cent in Queensland.

State % Growth
July 17 v July 16
Tasmania 22
Queensland 20.2
Northern Territory 19.8
Western Australia 16.8
Victoria 14.1
New South Wales 7.3
Australian Capital Territory 4.8

Did you find this helpful? Why not share this news?

Advertisement

RateCity

Money Health Newsletter

Subscribe for news, tips and expert opinions to help you make smarter financial decisions

By signing up, you agree to the ratecity.com.au Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy

Advertisement

Learn more about savings accounts

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
  • Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)

Can you set up direct debits from a savings account?

It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.

Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.

How do I open a savings account?

Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process. 

You may be required to provide:

  • Personal details, including identification (driver’s license, passport etc.)
  • Tax file number
  • Employment details

What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

How to open a savings account for my child?

Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

What is the interest rate on savings accounts?

As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria

Can you direct deposit to a savings account?

Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.

What is a savings account?

A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

Can I overdraft my savings account?

A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.

Can you have a joint savings account?

Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.

Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.

Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly. 

How to make money with a savings account?

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.