The big economic picture is positive for job seekers
Typically, when unemployment is low, it’s a good time to find a new job. Jobseekers have more choice and businesses have less candidates for each role.
Australia's official unemployment rate is actually quite low when compared to previous years. Further data from the Australian Bureau of Statistics revealed the current unemployment rate is 3.5 per cent, 5 years ago it was 5.4 per cent and 10 years ago it was 5.2 per cent.
Skill shortages also present opportunities to jobseekers, with gaps across the medical industry, trades and IT sectors, and the country’s immigration remains low post-pandemic. Permanent visas were granted to 79,620 immigrants in 2021, compared 128,550 to five years ago in 2016.
However, Australia’s interest rates have risen rapidly between May 2022 and June 2023, bringing the cash rate to 4.1 per cent – the highest it’s been in 11 years. This has resulted in many households doing it tough, with 27.8 per cent of mortgage holders at risk of mortgage stress. Renters are not immune either, with 40 per cent reporting very high cost of living stress.
Taking these factors into account, the job market is still in a strong position despite consumers having to tighten their budgets and businesses embarking on some cost-cutting measures.
In the future, Australia’s economic growth is predicted to slow and unemployment is forecast to lift to 4.6 per cent in 2024, so if you’re thinking of changing jobs, now is the time to do it.
Boost your potential by gaining skills in your industry
When it comes time to switch jobs, you’ll of course need to update your CV and dust off your interviewing skills.
It’s a perfect time to enhance your skills so that you have a competitive edge over other jobseekers.
Enrolling in a short course is a great way to quickly update your skills, discover the latest in technology and extend your knowledge base. RMIT offers short courses in everything from architecture to plumbing and alumni receive 15% off selected courses.
If you’re looking to become a leader in your field, you may want to consider a postgraduate course. These courses are informed by RMIT’s connections with businesses and organisations across a wide variety of industries. These links keep graduates ahead of what employers are looking for so they land the jobs they want sooner.
For a closer look at your industry, download an RMIT Industry Snapshot. These reports will fill you in on emerging trends, new technology, salary growth and skills in demand.
You may also want to sign up to the latest industry newsletters and become a member of some professional organisations. This will help you stay across the latest industry news and any upcoming changes.
Connect to the support you need to put yourself back on the job market
Start by connecting with fellow RMIT alum on the LinkedIn page and you may find people looking for new staff or people employed in organisations you want to work for. It’s also a great way of expanding your network and creating new connections within your industry.
You may also want some professional advice on your CV or some tips and advice on how to nail your next job interview. RMIT can provide support through free career counselling from experienced consultants who are available via telephone or video call.
Every industry is unique, so RMIT’s career consultants can customise your consultation with the latest industry insights and trends.
Searching for a new job can be a nerve-wracking but exciting experience. It can also be a time-consuming process and it might feel like your current job becomes very stale while you’re looking for a new fit. Remember to keep yourself motivated and maintain a healthy work-life balance.
Knowing more about today’s economic conditions, updating your skills and finding career support will help you prepare and ultimately land your next job.
RMIT is here to help you achieve your career goals, whether you are just starting out, midway through your career or more advanced. What’s next for you?
Story: Kate Jones