Australia is currently experiencing a sort of monetary renaissance period, as the AUD sits atop the US dollar (despite a slight drop following the US Presidential Election). However, weak commodity prices that come in response to this high dollar are doing particular industries no favours when it comes to employment.
Large mining companies are hiring sluggishly as the high exchange rate and weak commodity prices take their toll, restricting cash flows and the progress of new projects. As these companies slow their existing projects and halt new ones, the need for staff will drop off. However LNG (liquefied natural gas) has not been adversely affected, with a multi-billion dollar CSG to LNG export project developed by Australian Pacific LNG (a joint venture between Origin, ConocoPhillips and Sinopec) scheduled to go ahead and continue through until early 2015. So overall, organisations that encompass a wider range of resources will still be hiring in certain areas.
These adverse affects are also being felt in Education, as foreign students are less inclined to study abroad in Australia as our dollar climbs higher in the Foreign Exchange. Without the up-front fees of these students, large educational institutions are experiencing budget constraints, resulting in an influx of redundancies and hiring freezes.
It may sometimes seem difficult to predict when and where job cuts will happen and when you may need to commence a search to keep yourself in work, but in these turbulent economic times, if you keep an eye on the ripple effects caused by change and to keep abreast of things as they happen, you’ll be able to see cause and effect in the job market and stay ahead.