Latest data released by the Australian Bureau of Statistics (ABS) reveals an influx in job growth across the national financial services sector, with global employment experts saying this trend is a sign of financial businesses adapting well to economic and political uncertainty.
In a statement last week, global recruitment firm Robert Half said the latest ABS statistics show an increase of 800 roles across the Australian financial and insurance services between May 2016 - August 2016.
Director at Robert Half, Nicole Gorton said, “The ABS figures show signs of positivity and a steady market for finance professionals on the job hunt," said Nicole Gorton, director at Robert Half.
“This is despite some recent volatility within the market, specifically the uncertainty surrounding the Federal Election, interest rate cuts and the international political environment."
Employment growth within the sector is still rising, albeit at a slower pace, with most of the growth concentrated within part-time employment rather than full-time employment, the data shows.
The steady growth compares favourably to the previous quarters’ stronger growth for financial and insurance services, a trend suggesting that businesses are becoming more adept at adapting to economic and political uncertainty, the firm said.
Ms Gorton added, “Finance leaders across Australia have good reason to be optimistic about their sector’s employment outlook. Positive factors such as low interest rates and low inflation continue to boost the economy.
“Australia’s employment prospects for finance professionals are set to remain positive in the next quarter.”
Despite these positive statistics, research from Robert Half shows that 89 per cent of chief financial officers in Australia say it is challenging to find skilled finance staff - primarily due to a lack of professionals with the required niche and technical skillset.
“The top three functional areas employers find hardest to course are Business and Financial Analysis, Accounting and Financial Management, and Control,” the firm said.
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