Banking jobs in Australia bounce back
by Mary Jones - March 20, 2010
Australia, 21st March: Banking jobs in Australia have begun to show signs of recovery in the last three months to February indicating fast economic recovery of Australian economy.
Employment scene in the finance sector along with the banking sector recovered two years after the beginning of the global financial meltdown and this recovery has been almost total since the loss of jobs during 2008-09, Julie Toth, an ANZ economist stated.
The official figures by the Australian Bureau of Statistics show that nearly 28,000 new jobs have been added in Australia’s insurance and finance sector in the last six months. This has indicated a total recovery from the financial crisis when almost 17,000 jobs were lost in the year to August 2009.
Additionally, nearly 22,000 jobs were added in the administrative support services in Australia.
The hopes are positively high for the Australian economy’s future as the unemployment rate has fell down to 5.2 percent in January 2010 defying all fears of unemployment touching 8.5 percent by the first half of 2010.
It’s not just the banking and insurance sectors of Australia showing positive signs, even the health care in Australia, the biggest employer sector of Australia, has shown a rise in the demand for new jobs. According to Ms. Toth, health service jobs account for nearly 10.9 percent of the total employment in Australia. It is the only sector which continued to grow even during the global financial meltdown faced by Australian economy.
And it’s expected to go even farther, as compared to other sectors in Australian economy as the ageing population fuels increased demand for health care and elderly care services in Australia. Health care and elderly care services are highly labor-intensive and need increased demand for jobs in this sector.
The fact is that almost all the sectors of Australian economy are adding new jobs including mining and manufacturing sector, as indicated by the updated quarterly figures from the Australian Bureau of Statistics.
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