Omari Gates
Australia has a strong economy, with a focus on exporting commodities and a dominant service sector. In 2022, it was ranked 5th on the United Nations Human Development Index and 6th on The Economist's worldwide quality-of-life index in 2005. Australia's employment rates are discussed in the context of its labour force surveys, with the most recent data from May 2024 showing 14.5 million employed people, of which 1.7 million were underemployed. The discussion around Australia's global ranking in employment rates is not explicitly mentioned in the current sources. However, the available data on employment rates provides a basis for further analysis and comparison with other countries.
| Characteristics | Values |
|---|---|
| Date of Latest Data | May 2024 |
| Total Employed People | 14.5 million |
| Total Underemployed People | 1.7 million |
| Percentage of Underemployed Part-Time Workers Who Prefer to Work Full-Time Hours | 49% |
| Total People Available to Start Work Immediately | 1.1 million |
| Total Number of Retirees | 4.2 million |
| Average Age of Retirement | 56.9 years |
| Total Number of People Who Retired in 2022 | 130,000 |
| Average Age of People Who Retired in 2022 | 64.8 years |
| Average Age People Intend to Retire | 65.4 years |
| Main Source of Income for Most Retirees | Pension |
| Latest Labour Force Survey Date | March 2025 |
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What You'll Learn
Employment in Australia's service sector
Australia's economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed about 78.8% of the labour force. The service sector includes jobs in areas such as IT, engineering, and financial services. Australia's big four banks are among the world's safest banks, and the country has a strong and efficient social security system that accounts for roughly 25% of its GDP.
The service sector's contribution to the economy and employment in Australia has been significant, with four out of every five jobs attributed to this sector. This sector's output accounts for more than three-quarters of the country's economic output. The service sector's growth has been rapid, and it has played a crucial role in the economy, contributing to improvements in productivity and living standards.
IT-related jobs are a significant part of the service sector, with the Department of Education, Employment, and Workplace Relations of Australia classifying IT occupations as Professional, Scientific, and Technical Services. These jobs are mostly created in the state capital cities of Australia.
The service sector's diversity is another key feature, offering a range of "good" and "bad" jobs. The "good" versus "bad" jobs debate in the service sector is an ongoing discussion, with critics arguing about the nature and quality of the jobs created by the sector's growth.
Australia's service sector is also a significant contributor to international trade, with a growth in international service trade. However, there are impediments to the growth of service trade, which are discussed in studies examining the sector's performance and its links to the rest of the economy.
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Australia's immigration policy and employment
Australia's immigration policies and their impact on employment have been a subject of debate and ongoing research. The country's immigration program has evolved over the years, shifting from primarily permanent settlers to a growing number of temporary visa holders. This two-step immigration policy has led to a significant increase in temporary migrants with work entitlements, impacting the local labour market and the economy.
Historically, Australia's immigration program was centred on two main pillars: a planned annual intake of permanent settlers, including skilled, family, and humanitarian migrants; and a points-based system for selecting skilled immigrants with desirable labour market attributes. Immigrants typically applied for permanent residence before arriving in Australia, often facing high unemployment rates in their initial months.
However, in recent years, the immigration landscape has changed. The number of temporary visas with work entitlements has outpaced permanent settler visas by a ratio of three to one. This shift has resulted in a substantial pool of temporary migrants, many of whom seek to transition to permanent status. This dynamic has notably affected immigrants from non-English-speaking countries, often leading to reduced full-time employment and increased part-time work while they pursue education and qualifications.
The two-step immigration policy has widened the time gap between immigrant arrival and permanent visa status, creating a large cohort of temporary workers. This group now accounts for a significant potential workforce, estimated at 7% of Australia's aggregate employment if fully employed. In contrast, annual permanent visa holders would contribute just under 2%. This shift towards temporary visas has significantly impacted the selection of immigrants, their integration into the labour market, and the composition of the immigrant workforce.
The relationship between immigration and domestic employment levels is complex and remains a subject of scholarly debate. While some argue that immigration boosts the economy and promotes innovation, others express concerns about its impact on local employment rates. The effects of immigration on employment and wages in Australia are distinct from those in other countries, making it challenging to draw direct comparisons or apply findings from other contexts. Further research is needed to understand the specific implications for Australia.
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Underemployment in Australia
Australia has consistently ranked highly in the world for its quality of life, human development, and economic performance. The country was ranked fifth in the United Nations 2022 Human Development Index and sixth in The Economist's worldwide quality-of-life index in 2005. Australia's per-capita GDP is also higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity, and it boasts a strong service sector that employs a significant portion of its labour force.
However, one issue that has gained prominence in recent years is underemployment. Underemployment in Australia has been a growing concern, with the rate trending upwards over the last decade. Underemployed individuals are those who are currently employed but desire and are available to work additional hours. This phenomenon is driven by various structural and cyclical factors, including the long-term increase in part-time employment and fluctuations in labour demand.
In June 2023, the underemployment rate in Australia was estimated at 6.4%, a decrease from the previous figure of 13% during the early months of the COVID-19 pandemic. Historically, the underemployment rate reached an all-time high of 12.814% in May 2020. The underemployment rate is an important metric that complements the unemployment rate in assessing the labour market's spare capacity.
The implications of underemployment extend beyond mere statistics, impacting the welfare of Australians. Increasing underemployment suggests that a growing number of workers are unable to earn sufficient income to meet their needs, potentially leading to a decline in living standards. This is particularly evident among middle- and low-income earners, who face stagnant wages that fail to keep up with rising costs.
To address the challenges posed by underemployment, Australia's labour market dynamics and economic policies must be closely examined. Structural changes, such as the increasing share of part-time employment, play a significant role in the rise of underemployment. Additionally, the government's fiscal strategies may require more responsiveness to ensure that wage pressures do not build up excessively.
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Employment rates in New South Wales and Queensland
Australia has a strong economy, with a focus on its service sector, which employed 78.8% of the labour force in 2017. The country has a relatively efficient social security system, which comprises around 25% of its GDP. Australia's per-capita GDP is higher than that of the UK, Canada, Germany and France in terms of purchasing power parity, and it ranks 18th in the world in this regard.
New South Wales (NSW) is Australia's largest state economy, valued at nearly 700 billion dollars, and accounting for around a third of the nation's economic output. The state's economy is service-driven, with the services sector contributing to about 75% of economic activity and over 90% of employment. The largest industries in NSW, by employment, are health and social care, professional and technical services, retail trade, construction, and education. The state's population currently stands at 8.2 million, and it has seen an average population growth of 1.1% annually over the last 30 years. NSW's economy, measured by Gross State Product (GSP), contracted for the first time in 2019-2020 due to the impact of COVID-19 and natural disasters. However, it has since recovered, with a 3.8% increase in 2021-22, surpassing pre-COVID levels. The unemployment rate in NSW was reported to be 3.586% in December 2024, a decrease from the previous month's figure of 3.695%.
Queensland, like Western Australia, is one of the mining states of Australia. Queensland's economy is compared to that of the entire country in the monthly Australian Bureau of Statistics publication, 'Labour Force: Australia'. This publication includes an interstate comparison of employment growth, labour force growth, and unemployment rates in Queensland and Australia. Queensland's employment status by sex and employment growth data is available from 1978-79 to 2023-24.
While I cannot provide a direct ranking of Australia's employment rate compared to the rest of the world, the information above gives an overview of employment rates in New South Wales and Queensland, two significant states within Australia.
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Australia's job market for IT roles
While the market is highly competitive, with 42% of IT professionals seeking new opportunities, the demand for tech talent is industry-wide. Tech sales roles, such as Sales Development Representatives and Customer Success Managers, are also in high demand.
Software programmers, database administrators, and ICT security specialists are in high demand, with salaries for data scientists reaching up to $250,000 and software engineers earning competitive packages. Cloud architects are also in high demand, commanding salaries of up to $280,000.
Leadership roles in the tech sector are particularly lucrative, with CIOs earning up to $375,000, CTOs earning around $370,000, and CISOs earning up to $360,000.
To succeed in Australia's IT job market, individuals should focus on developing and updating their skills in areas like cloud computing, cybersecurity, software development, and data analytics. Certifications in AWS, Azure, and security specialties can enhance career prospects and earning potential.
The job market is particularly active in Sydney and Melbourne, but remote work options are making it possible to land these roles from anywhere in Australia.
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