Economic Background

Australia has a population of 26.3 million people, which is growing by an average of 1.9% per year, putting it on track to reach 30 million by 2030.

Australia’s gross domestic product growth has settled back to pre-COVID-19 levels of 2.1% in June 2023 after a spike in June 2021 of 10.3%.

Demand for Australia’s mineral riches and resurgent sales of new vehicles have ensured the mining and automotive industries are also experiencing strong economic growth. Securing the human capital necessary to service this growth is proving difficult.

Australia’s post-COVID-19 employment landscape continues to exhibit record-low levels of unemployment, hovering below 4% nationally. The strength of the labour market is showing all the tell-tale signs of an economy that is at full employment.

Job vacancies in Australia were running at 431,6005 across the country in May 2023 with 11,700 (2.7%) in the mining industry, its highest vacancy rate on record.

Inflation peaked at 7.8% at the turn of the year, having since receded slightly to 6% by June 2023. This prolonged period of inflation continues to have a significant impact on the cost of living and cost of operation for industry.

The nation’s rental vacancy rates in August 2023 remained critically low at 1.2% and were more pronounced in regional areas. The vacancy rate in Perth, where the majority of the country’s mining workforce resides, was even lower at 0.4%.