The Australian employment market has shown some signs of improvement in the first half of 2015. Overall the employment outlook across most industry sectors is one of ‘cautious optimism’. We do not see major changes in hiring conditions for the back half of 2015 and this trend to continue into 2016.
We are seeing salaries remain steady with no real movement apart from CPI increases. The FMCG sector has shown some greater activity in 2015 in comparison to 2014 which is the result of restructuring in 2014 and areas such as Private Label development for the major supermarkets driving growth.
Manufacturing continues to decline however there is some areas such as the agri sector where there are still positive signs of ongoing growth and export opportunities as the AUD drops.
The Financial Services sector continues to deliver overall healthy returns however the large institutions continue to look at offshoring and efficiencies through headcount reduction so there is still some instability in this sector.
Consumer confidence appears to have stabilised however the retail market is still sluggish in most areas with online competition, international brands entering our domestic market and discretionary spend being channeled into areas such as home entertainment resulting in flat retail sales.
The Resources/Mining and Construction sector shows some more positive market conditions in comparison to other sectors and this will continue to be a major opportunity for Australian industry and strong representation on the ASX.
We continue to be optimistic that the market will show no further decline and will continue to flat line with some small gains over the next two years.
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