Australian employment rates in 2022- are things really that good? 1

Australian employment rates in 2022: are things really that good?

You’ve probably heard it on the news already – Australia’s unemployment rate is sitting at 4.0%, the lowest it’s been for decades. The labour market in 2022 looks strong not only compared to April 2020 when Covid-related measures increased the unemployment rate to 6.2% – but even in comparison to the pre-Covid April 2019 when the rate was 5.2%.

Even more importantly, according to the ABS website, full-time employment is also on the increase, while underemployment – the number of people who would like to work more hours – is decreasing.

So, Australia definitely looks like a jobseeker’s market at the moment. But is the low unemployment rate trend likely to continue – and what effect the upcoming Australian elections are likely to have on the employment situation?

Let’s look at some industries that are among the largest employers in Australia and see how they are likely to be affected by the changes that the 2022 federal elections are likely to bring to the employment market.

The construction industry employment trends

One of Australia’s largest employers, the construction sector currently employs nearly 9% of the total Australian workforce. The industry has grown steadily over the past five years, with the number of people it employs increasing by more than 7% during that time.

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The construction industry growth has been underpinned by a number of factors, including record low interest rates that Australians enjoyed over the last decade. With the RBA recently increasing the official cash rate to 0.35% – and further increases likely later this year – it remains to be seen if the construction industry can continue to grow at the same pace or has to slow down due to decreasing demand.

Currently, the most sought after construction industry occupations include electricians, construction managers, carpenters and joiners, metal fitters and welders, and plumbers.

The mining industry employment trends

The mining industry is another large employer of Australians, employing over 2% of the total Australian workforce. Employment in the industry has been steadily growing, amounting to an over 20% increase over the last five years.

The worldwide demand for mineral resources that the mining industry produces is likely to continue to rise due to the ongoing population growth and increase in living standards all over the world. At the same time, some “net zero” policies that may be introduced by the government after the 2022 elections have the potential to affect the mining sector – although, it is hard to say at this stage how significant this effect may be.

At the moment though, the employment in the mining industry is booming, with such highly skilled professionals as mining engineers, metal fitters, electricians, electrical engineers and metallurgists being in hot demand.

Over the past 10 years, the mining and resources sector has been a particularly important part of Synaco Global Recruitment’s evolution. We have supported this sector across a range of skills and disciplines, and continue to do so – largely within Western Australia, Northern Territory, and Queensland at the present time. Whether you are looking for an entry-level job in the mines or for an opportunity to apply your advanced skills and challenge yourself – our dedicated team is always ready to help you find your next job or facilitate your career move.

Employment rate forecast for the remainder of 2022

Elections always bring some uncertainty and increase the chances of new policies being introduced that are likely to affect the situation in the employment market.

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With regards to today’s situation, though, the RBA’s forecast for the Australian economy remains quite optimistic. Employment is forecast to continue growing strongly in 2022 before moderating in 2023. The workforce participation is forecast to remain historically high during that period, and the labour market conditions are expected to remain strong. 

While the employment market inevitably goes through its highs and lows, we at Synaco are proud to be part of a 52-year-old global workforce solutions team and to continue providing recruitment services Australia-wide, working with large and small employers in a wide variety of industries – and always ready to assist you with your next career move.

We work hard to find the best possible match for you

At Synaco, we believe that partnering with clients who share our goals and commitments is the best way to ensure that our employees are provided with a safe, healthy, and supportive work environment. We also work hard to ensure the best match between our employees and clients – and have robust recruitment processes in place to achieve that.

In our relationships with candidates and clients, we at Synaco focus on being present, accountable, and available. This involves spending plenty of time in the field and attending pre-start and safety meetings, holding regular site and work area inspections, regular toolbox talks with our workforce, and other relevant pre-site and on-site inductions, assessments, and training.

Find your next job with Synaco and see for yourself the positive difference our caring and dedicated approach makes to your career. You can browse our list of vacancies here.