Australian employers are hiring more staff in than economists have forecast, which is worsening a worker shortage that may stoke wages and inflation in the Asia-Pacific region's fifth-biggest economy. The number of full-time jobs in Australia rose to 20,700 in this February. Part-time employment gained 1,300. About 10.4 million of Australia's 20.8 million people are now employed. Mining investment soared 57 percent in 2006 from a year earlier, the government reported this month, triggered by a 54 percent surge in commodity prices over the past two years. The economy is expanding even after the Reserve Bank of Australia raised its benchmark interest rate three times last year, most recently in November, to stem inflation.
A low jobless rate adds to pressure on wages and inflation, according to the central bank and companies.
``It is a very competitive jobs market and wages reflect that in the mining industry,'' said Mincor's Reeve.
``We have had to increase wages for our workers this year, and that's because the labor market is tight and they might be attracted to another job with a better salary.''
Australia's participation rate, which measures the labor force as a percentage of the population aged over 15, gained 0.1 percentage point to 64.9 percent in February.
The market for jobs in Austalia is currently "very fully employed", and until more labor is introduced into the economy, will remain "very fully employed".
1 comment:
Good post.
Post a Comment