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at 11:00 am on July 8, 2021 | 1 comment
The Australian Bureau of Statistics (ABS) yesterday released a brand new survey on job mobility, which recorded the lowest rate of job switching on record:
During the year ending February 2021:
975,000 or 7.5% of employed people changed jobs, the lowest annual job mobility rate on record
Job mobility remained highest for professionals, at 21% of those who changed jobs
1.8 million people left or lost a job
The next chart from CommSec neatly summarises the data and shows that the rate of job switching has actually been falling for 50 years, despite the increased casualisation of the workplace:
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Australia s most powerful banker is predicting a prolonged closure of the national border will eventually push up wages.
Pay levels have been stuck below the long-term average of 3 per cent since mid-2013 and grew by just 1.5 per cent in the year to March.
The federal government has indicated Australia will remain closed to foreigners until mid-2022.
But Reserve Bank of Australia governor Philip Lowe said the inability of employers to source skilled migrants would lead to higher wages. There s a potential upside risk to wages from the closure of the borders, he said. If the borders remain closed for a very extended period of time, we ll see more and more of these pressures in the labour market.
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