Hiring stronger in real estate, insurance

Hiring prospects should be strongest in the finance, insurance and real estate sector between April and June, a survey shows.

Australia's housing boom and growing superannuation market are fuelling a spike in jobs on offer in the finance, insurance and real estate sector.

A new survey shows that hiring intentions within the sector during the next three months will easily outstrip those in mining, retail, and transport.

The Manpower Employment Outlook Survey of more than 1,500 employers found 29 per cent of finance, insurance and real estate bosses plan to increase staff numbers between April and June.

The net employment outlook - or the difference between those expecting to hire and those expecting a decrease - for the sector was +18 per cent, seasonally adjusted, up two percentage points from the previous quarter.

ManpowerGroup Australia and New Zealand managing director Lincoln Crawley says the sector is experiencing a slow but steady recovery.

"The growing superannuation sector has seen increased need for insurance products and also advisors for businesses and individuals," he said.

"Low interest rates and continued high demand have caused a boom in the Sydney and Melbourne housing markets, driving work there."

Mr Crawley said as the global economy continues to recover, hiring freezes are being lifted in many large finance and insurance organisations.

"We've also seen a number of global players open up shop here in Australia, particularly in insurance which is contributing to activity," he said.

Other sectors expecting to enjoy steady quarterly jobs growth include manufacturing and services.

However wholesale and retail employers have forecast the weakest labour market since 2009.

The survey found overall hiring intentions across all sectors remain little changed year-on-year.

The hiring pace for all sectors is expected to remain modest, with 67 per cent of bosses planning no changes to the workforce.

The most robust labour market is anticipated in the Northern Territory for the fourth consecutive quarter, where the seasonally adjusted employment outlook stands at 15 per cent.

Victoria and NSW expect steady workforce growth, where outlooks stand at 12 per cent and 11 per cent respectively.

Employers in the ACT expect a decline in the payroll, reporting the weakest outlook at -5 per cent, a decrease of six percentage points quarter-on-quarter, and 21 percentage points year-on-year.


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Source: AAP


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