The labour market in Sydney
Expatriates around the world are looking to Sydney not only to boost their careers but also for a more attractive salary. Australia's dynamic economy continues to offer a wide range of opportunities for skilled professionals. If you want to try your luck in this city, here's a look at the local job market.
As many of the world's economic powers have been in retreat for the past few years, creating instability in the international labor market, the Australian economy has proven to be one of the most stable, overcoming several tricky financial stages, crashes and booms.
Sydney's growth sectors
Today, information and communication technology, finance, insurance, education, healthcare, hospitality and construction are the most promising sectors for expatriates looking to boost their careers in Sydney. The automation and robotics industry, mining, civil engineering, IT, including the legal sector, are other sectors to consider due to their high growth rate in recent years, especially as these rates are expected to increase in the coming years.
The manufacturing sector, including machine operators, boilermakers and heavy equipment operators, is in high demand. The education sector is growing on a high base, attracting students from around the world and helping to drive the labor market.
The health care in Australia is the number one employment sector in Australia. In 2021, more than 1.8 million people were employed in this industry, which is expected to grow to 2 million by 2025. The IT industry contributes 20% of the employment growth. For this reason, Sydney continues to attract large numbers of foreign professionals and entrepreneurs.
Unemployment and wages in Sydney
According to the latest figures (2021), Sydney's unemployment rate is around 4.8%, which is minimal compared to other regions. Overall labor force development in Sydney has been strong in recent years, with a development rate of 2.2%, which is higher than the population growth rate of 1.6%.
Median employee earnings increased by 4.3% between 2020 and 2021, to $1,200 per week. And the median hourly wage has remained at $36 per hour since August 2020. In 2021, a 2.6 percent growth rate was seen in full-time positions.
According to the Australian Bureau of Statistics, the average income of teenagers and middle-aged people is higher than that of employees over 40. In December 2021, total employment increased by 529,900 (3.7 percent) and the number of people employed increased by 3.3 percent to 13.6 million.
The stable unemployment rate, at 3.9% in April 2022, remains the ideal precursor to a thriving economy. However, the impressive rate of employment growth has not improved the rate of wage growth in Sydney or the country as a whole.
