Australia and New Zealand have made significant progress in their economic recoveries after a couple of years of disruption due to the pandemic and overseas turmoil.
Organisations of all types and sizes are dealing with a host of economic challenges following the setbacks and restrictions of COVID-19 and a fresh set of obstacles confront businesses in both countries.
Chief amongst these is the acute labour shortage that is compounding the difficulties for business managers in both retaining existing staff and developing the workforce capability for growth and expansion.
We are seeing historically low levels of unemployment in both countries. With immigration yet to return to pre-pandemic levels, the challenge of filling vacancies and acquiring skills is set to remain for some time.
The other big development is the outbreak of inflation and associated rising interest rates. As in other developed economies, both Australia and New Zealand are being forced to confront an economic phenomenon that has been largely dormant for close to 50 years and, once again, deal with the many challenges this brings for wages, interest rates and the cost of living.
Our 2022-23 PERSOLKELLY and Programmed Economic and Employment Key Insights and Salary Guide offers a wide-ranging analysis of both Australia and New Zealand’s economies, including at state, territory and region levels as well as a dive into the forces at play in each of the industry sectors in which we operate.
The Salary Guide compiles accurate information on wages and salaries from our experts in the field across key industry sectors. This comprehensive report has become a valued and indispensable tool for those wishing to understand the movement of wages and salaries across a range of occupations and positions in both Australia and New Zealand.
Below is a peek at some of the standout insights from the report.
After a lengthy COVID hibernation, Australia’s economy has bounced back strongly as consumers and businesses have regained their confidence.
- 3.3% annual GDP growth
- 3.9% record unemployment rate
- 5.1% annual inflation rate, the highest in 20 years
Australian Capital Territory
Canberra’s economy has been resilient in the face of COVID lockdowns and looks likely to benefit from a change of national government.
New South Wales
The most populous state has bounced back from COVID faster than expected, and it has a vast pipeline of infrastructure work that will propel its fortunes.
Turmoil on the international stage initially dealt a heavy blow to Queensland’s economy, but the tide has turned and the state is now reaping rewards.
The state’s recovery has been quicker than forecast but there is work to do to rebuild confidence and create jobs.
The state endured some of its darkest days during the pandemic as businesses shut and the population was locked down, but activity is now bouncing back.
The state incurred much flak for its rigid approach to border closures during the COVID pandemic, but it now has the results to show for it.
The loss of international tourists during the pandemic hit the Territory especially hard but it has provided the chance to diversify and attract new industries.
The island state belies its size with an outperforming economy and a newfound appeal from those on the mainland attracted to its lifestyle.
As the country emerges from the COVID pandemic, it faces an outbreak of a different kind that has policymakers worried. After years of tepid price increases, inflation has broken out in New Zealand and prompted swift action to raise interest rates and curtail spending.
- 6.9% inflation rate
- 5.6% annual GDP growth
- Jobless rate at near-record low
New Zealand’s largest city was the epicentre of COVID-related lockdowns and saw its economic performance suffer as businesses closed their doors.
The city has been able to sidestep pandemic restrictions on business and fall back on its traditional mainstays to produce an outsized economic performance.
The nation’s capital was insulated from the worst of the pandemic and has started to rebound. Wellington has weathered much of the country’s economic slowdown, largely as a result of a more resilient workforce that has not incurred the same setbacks as in other parts of New Zealand.
Click here to download the 2022-23 PERSOLKELLY and Programmed Economic and Employment Key Insights and Salary Guide today to find out more. Or talk to one of our consultants who can talk through how to use the guide to improve your attraction and retention strategies.