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Media Brief - October 2015

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The purpose of this monthly report is to provide you with an opportunity to better understand recent news at both a macro & micro level, to understand topical trends covered in the media around the economy and the contingent workforce - both locally & globally, and to discuss how these may impact business in Australia and New Zealand.

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Media Brief - October 2015

  1. 1. A CXC Global Knowledge Initiative Monthly Media Brief Employment | The Economy | Contract Work October 2015
  2. 2. Introduction The purpose of this monthly report is to provide you with an opportunity to better understand recent news at both a macro & micro level, to understand topical trends covered in the media both locally & globally, and to discuss how these may impact business in A/NZ. 1
  3. 3. THE ECONOMY Below, a summary of the coverage around the economic outlook for Australia for the period: August – mid September 2015. .
  4. 4. ECONOMY UPDATES A B C D 24 Years with No Recession With 24 years of no recession – a feat unmatched by any other developed nation – Australia is hurtling towards a radical economic shift with tempered mining activity & a softening Chinese economy A New Prime Minister With a new Prime Minister in place, whose constituents include a generation who’ve only known prosperity, innovation is seen as key to keep Australia’s growth sustainable B International Events Sour Investor Interest The unprecedented wealth created from the mining boom & China’s insatiable appetite for our natural resources has seen a drop in unemployment over the past 10 years and wage growth in the last 5 years, like never before C Rebalancing With our economic growth faltering, ‘rebalancing’ is seen as critical now under Turnbull, and is coming into parlance rather than the concept of ‘recession’ D
  5. 5. JOBS OUTLOOK Below, a summary of the coverage around jobs outlook for Australia for the period: August – mid September 2015.
  6. 6. JOBS OUTLOOK An 11% rise in job ads in August 2015 compared to the same time last year, according to SEEK Rise in Job Ads As resources roles decline, there’s uptake in other industries including education & training (32% YoY increase), followed by farming, animals & conservation (26% YoY increase), design & architecture (23% YoY increase), and call centre & customer services (22% YoY increase) Decline in Resources Roles Non-mining economies are showing jobs strength in the ACT, NSW, Tas & Vic Non-Mining Jobs Strength Wage growth in Australia hits record low – in the private sector, at just 0.5% for the second consecutive quarter. The public sector had slightly better growth at 0.57% for the same period. Ordinarily, an increase in hours worked would be accompanied by improvement in wages, but instead the opposite has occurred. The reason being an increase in the space capacity of the labour market Low Wage Growth Clear declines in jobs are evident in WA and NT. SA is softening, despite lesser reliance on mining, but heavier on manufacturing WA and NT Decline in Jobs CBA D E
  7. 7. CONTINGENT WORKFORCE COVERAGE
  8. 8. CONTINGENT WORKFORCE COVERAGE Flexible workforce continues its evolution according to Ardent Partners’ ‘State of Contingent Workforce Management’ study released recently, in partnership with Fieldglass The concept of external workforces (non-permanent hires) are growing ‘out of control’
  9. 9. SOMETHING INTERESTING IS HAPPENING… UBER 1 The world’s largest media owner creates no content FACEBOOK 2 The most valuable retailer has no inventory ALIBABA 3 The world’s largest accommodation provider owns no real estate. AIR BNB 4 The world’s largest taxi company owns no vehicles
  10. 10. Sources Economy & Jobs: 1. Economy - http://bit.ly/1jVvOnz Contract Work: 1. Freelance numbers in Australia http://bit.ly/1UzRm6D 2. Design-led MSPs http://bit.ly/1UDOwRw 3. Ranstad report http://bit.ly/1LZ9fYC 4. The traditional worker turned freelance worker http://bit.ly/1LZ9GSI 5. Is the gig economy over-hyped? http://bit.ly/1LZa9nV
  11. 11. Contact CXC Global Level 6, 9 Hunter St Sydney NSW 2000Address: Phone: Web: E-mail: +61 1300 724 082 cxcglobal.com.au info@cxcglobal.com.au

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