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Australia
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Australia
Australia, with a GDP of $1.72 trillion, ranks as the 13th largest economy globally. Its leading industries include mining, equipment manufacturing, and food processing. With a stable working population and an unemployment rate of 3.7%, Australia's labor market is robust. The medium number of recruitment agencies reflects a well-developed but not overly saturated industry.
Australia'S
AGENCY LANDSCAPE
7.6K
Agencies operating in Australia
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
15-20%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Australia'S
FEATURED AGENCIES
Warrell Reid
Talent International
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Australia'S
GROSS DOMESTIC PRODUCT (GDP) RATING
13
WORLD RANKED
Australia ranks 13th in the world by current economic output
$1.7T
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
4
APAC RANKED
Australia is the 4th biggest GDP in APAC out of 41 countries in the region
GDP GROWTH (%)
The above chart compares how Australia's GDP has grown, compared to the rest of the world and the APAC region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
Australia'S
CURRENCY AND CODE
AU$
Country currency
AUS
Country ISO code
Australia'S
INFLATION RATE
3.5%
CURRENT RATE
▼2.1% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
Australia'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
Australia'S
LABOUR STATISTICS
26M
POPULATION
With a population of 25,688,079, Australia is a medium sized country by global standards. Australia's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in Australia is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Australia's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.
Australia'S
RELIGION
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Australia'S
UNEMPLOYMENT RATE
3.7%
CURRENT PERCENTAGE
▼0.03% REDUCTION
Australia's unemployment rate is healthy, indicating a well functioning labor market with good job opportunities for most people. Between 2022 and 2023, there was a small decrease in unemployment, suggesting continued economic stability with a slight improvement in job availability
Australia'S
TOP PERFORMING COMPANIES AND INDUSTRIES
Top performing companies
Coles Group
Wesfarmers
Woolworths
Top industries
Mining
Industrial and transportation equipment
Food processing
Australia'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
71
/
62
Male | Female
In Australia there is a low gap in participation rates between males and females, indicating a relatively balanced workforce particpation often reflective of strong gender equality policies or cultural norms supportive of equal gender parity.
Australia'S
WORKING LIFE
$64K
Average gross annual wage (US$)
This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.
$5.4K
Average gross monthly wage (US$)
This figure represents monthly income before taxes. Higher-wage countries typically exceed $4,000 USD per month. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average monthly compensation may be necessary for in-demand skills.
Australia'S
WORKING LIFE
9DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
38HRS
Average working full time week
Standard work hours are typically 7.6 hours per day, amounting to 38 hours weekly, or 1967 hours annually, with the workweek running from Monday to Friday.
Australia'S
TOP BENEFITS
20WEEKS
Maternity leave
In Australia, eligible employees receive 20 weeks paid parental leave at minimum wage and can take up to 24 months unpaid leave, with no separate maternity/paternity leave.
10DAYS
Sick leave
Employees have a right to 10 days of paid sick leave annually at their regular wage, with the employer responsible for the payment.
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