What does the low Aussie dollar mean for the jobs market?

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Well, it’s not exactly a trick question, but a lower Aussie dollar certainly means different things to different people, whether you’re looking for a job or looking for a new recruit. For anyone working in export industries, the news is welcome. The lower dollar means more competitive prices for our big agribusiness exports like beef, cotton, wheat and diary.

The return to ‘normal’ parity levels with the US$ is also good news for Australia’s growing services export industry, including legal, accounting and consultancy services. According to the most recent figures from the Department of Foreign Affairs and Trade (DFAT):

Services exports accounted for 17.4 per cent of Australia’s total exports in 2012/13, with the five largest services exports comprising:

  • Education-related travel services – $14.5 billion
  • Recreational travel services – $12.6 billion
  • Business travel services $4.2 billion
  • Professional services – $4.1 billion
  • Technical and other business services (including architectural, engineering, surveying and scientific services) – $3.5 billion

The falling dollar has put a spring back in the step of domestic tourist operators who could only watch as Aussies flocked overseas for their holidays during past four years. Earlier this month, the Gold Coast Bulletin reported a return to double-digit growth in accommodation bookings this summer.

So, what does this mean for jobs in Sydney’s financial services sector?

  • Keep up with the news, but don’t obsess about it. Unless monitoring daily currency fluctuations are part of your role, keep your eyes on the prize – stay focused on what you need to do today.
  • Maintain your network of contacts. Do you have contacts outside your current industry sector?
  • Feel grateful and a bit clever that you’ve chosen accounting or business support as your area of expertise. You belong to a group with THE MOST flexible, broad-ranging, highly transferrable skill sets around.

If you’d like a more detailed description of the current job market and how it applies to your work situation, give West Recruitment a call. We are happy to give you a more detailed insight of the market as it will directly affect you.

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