Research deems SA close to 'zero unemployment'

Wednesday December 2, 2009

South Australia may be closing in on a zero unemployment rate according to latest research which has assessed the state's aging population and predicted skills shortage.

According to the Australian Institute for Social Research from the University of Adelaide there will be a significant increase in the demand for workers by 2012 which is the year predicted that almost one-third of South Australia's workforce reaches retirement age. While this obviously presents a number of issues for the state in terms of the health system and other such areas, in terms of the unemployment rate it is expected to fall to zero percent as the number of jobs far outweighs the number of those looking for work.

Figures from the research were reported that South Australia will soon have 134,000 jobs available out of a current workforce population of 788,900 in the mining and defence sectors. Other sectors that will reportedly have major jobs openings include:

Service
Administration
Health
Education

This massive growth in the number of those retiring is attributed to the fact that many workers who would have retired now have remained in the workforce due to the hit that superannuation took due to the Global Financial Crisis. As a result, older generations will be retiring at the same time as Baby Boomers, leaving a gap of skills for many jobs specific careers.

Unemployment on a state and territory basis for September 2009

Australian Capital Territory - 3.5 per cent
Northern Territory - 4.2 per cent
Tasmania - 5.5 per cent
New South Wales - 5.6 per cent
Victoria - 5.6 per cent
South Australia - 5.7 per cent
Western Australia - 5.8 per cent
Queensland - 6.3 per cent

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