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Feature Articles

 From 2012, we now list our articles in our Blog. Read the latest here

01/04/2010

Economic Update - The Second Wave

Economic conditions have rapidly improved across Australia since early 2009 and the improvement is particularly reflected by the high level of staffing being demanded by many companies. In February 2009, the then NSW Premier Nathan Rees warned the community that unemployment could reach more than 7% by year end.

Numerous economists in Australia thought an unemployment rate of 9% was possible. However, by November 2009, it became clear that Australia had avoided the worst of the global financial crisis and many businesses quickly started picking up suitable staff again. The jobless rate fell from a peak of 5.8% in October 2009, to be now sitting at just 5.3% (5.5% unemployment for NSW).

During early 2010, many businesses became concerned that Australia was heading back into a period of weak economic conditions and slowed the level of new employees being hired. But recent leading economic indicators now suggest that our economy will continue to expand during the next eighteen months.
 
Business confidence and investment have bounced back to above average levels and now we are beginning to see the second strong wave of staff hirings, clearly evidenced by a robust increase in job advertisements, in the newspapers and the internet.
 
Many businesses and economists now believe that the unemployment level will drop below 5% by December 2010. By any measure this level of unemployment is very low and suggests a significant tightening in the job market is just around the corner for Australia. We believe that by 2011 there will be a noteworthy shortage of talented and qualified candidates for businesses that are seeking to expand.
 
Undeniably, this situation will present businesses with a whole range of complex issues to content with, including how to retain staff, how to reward staff and how to find experienced new employees.
 
Fortunately, Nine2Three has been monitoring these changes and have already developed strategies and initiatives to overcome these issues for our clients. We remain confident that our business and our clients will continue to prosper in the ever changing economic conditions.
 

 Ross MacMillan holds a Bachelor of Commerce (Accounting, Finance and Systems) from the University of NSW, he is a member of the Institute of Chartered Accountants, member of the Securities & Derivatives Industry Association and a fellow of the Financial Services Institute of Australia.
 

Important Note: These articles have been prepared for general circulation and are circulated for general informational purposes only; these articles should not be regarded as business or investment advice. The articles represent the views of the writers and are subject to change without notice. Additionally, while every care has been taken in the preparation of the articles no representation or warranty as to accuracy or completeness of any statement is given. An individual or organisation should, before any business or investment decision is made, consider the appropriateness of the information in this document, and seek professional advice, having regard to objectives, situation and needs. This document is solely for the use of the party to whom it is provided.

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