A recent survey conducted in May 2023 reveals a noteworthy trend in the Australian labour market, indicating a possible softening. The Jobs and Skills Australia survey highlights the rising fill rates for skilled occupations, signalling potential changes in the job landscape. The report’s Skills Shortage Quarterly (SSQ) findings indicate that the national fill rate for skilled jobs, which typically require higher qualifications, reached 63% in the first quarter of 2023. This represents a noticeable increase from 59% in the previous quarter (December 2023) and 56% in the same quarter last year (March 2022).
Additionally, the report observes that recruitment difficulty has eased, and job advertisements have remained relatively stable. Although the number of applicants and suitable applicants per vacancy has shown minimal quarterly fluctuations, both figures have experienced significant growth over the past year. In the first quarter of 2023, there was an average of 14.1 applicants per vacancy, up from 10.1 in March 2022. Furthermore, the number of suitable applicants per vacancy increased from 1.7 in March 2022 to 2.4 in the same period of 2023.
According to the report, the shortage of skilled workers in the Australian labour market may decrease if the upward trend in fill rates continues and the number of qualified and suitable applicants per vacancy keeps rising. The potential resolution of the skilled positions shortage relies on sustained improvement in fill rates and an increase in the availability of eligible and suitable candidates for job vacancies in the future.
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