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A CXC Global Knowledge Initiative
Monthly Media Brief
Employment | The Economy | Contract Work
August 2015

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THE ECONOMY
The following, a summary of the coverage around the economic outlook for
Australia for the period: August – mid September 2015.

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Economic Outlook
The RBA said the weakening Aussie dollar is helping to
stimulate growth in the non-mining sector as Australia adjusts
from a decade long period in mining investment, towards
stronger growth in exports
1
For the first time in 2 years, the RBA says the Aussie dollar
isn’t overvalued suggesting further interest rate cuts are
unlikely to be needed
2
The dollar has fallen to its lowest level in six years3

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Economic Outlook
Multiple sources report that
interest rates will remain low for
many years.
This is due to the shift away from
mining investment, ongoing
weak growth, the need for lower
policy rates and lower Aussie
dollar to accommodate the
rebalancing of the economy

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Economic Outlook
Policy makers are becoming confident
that the post-mining boom is gaining
steam, with recent strong data including
hiring
Australia’s economy is growing at 2% YoY as it
continues to transition to non-mining sources of
growth…
Trading conditions and profitability are showing
improvement in Australian listed companies, but the
employment index sits stagnant. This adds to the
mounting evidence that the AUD depreciation and
record low interest rates are having the desired
effect by helping to offset the weakness in mining.

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Economic Outlook
Australia’s spending in online retail
to the 12 months to July 2015 was
$17.4 billion. This is equivalent to
7.1% of spending at traditional
bricks & mortar retailers as
measured by the ABS in the 12
months to June 2015
(excludes cafes, restaurants &
take-away foods)
Business conditions point to
improvement in the non-mining
economy, even though the
financial markets have been jittery
ONLINE RETAIL

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Economic Outlook
PwC is foreseeing personalised
interest rates as a thing of the future.
Algorithm intelligence will predict the
right interest rates based on an
individual’s circumstances.
This is on the back of ongoing
conversations about big data, what’s
called ‘fintech’ where technology is
translating to cheaper prices (for
cash), faster transactions, leaving the
end-consumer with more power than
ever before.
Empower
Consumers

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The displacement of hundreds of thousands of refugees from Syria, is causing
concern for the European Union who are split on the process & quotas of refugees
to accept. With an ageing population, there is speculation that labour woes on the
Continent may be relieved through the mass migration. The discontent within the
EU has the British Prime Minister questioning their very membership thereof, in a
bid to retain autonomy around decisions for refugee displacement
Globally….
 The RBA was slightly more upbeat about trading partner China, suggesting
threats to growth in the world’s second biggest economy had ‘receded
somewhat
 Global growth remains sluggish with tempered forecasts with weaker than
expected results coming out of Canada, India & Brazil
 The pace of growth in advanced economies has improved. In contrast,
Japan and the Euro zone are not growing strongly, and Canada is in
recession
 Emerging markets are driving most global growth, yet they are slowing with
falling trade volumes and softer commodity prices eroding incomes,
spending and outputs across East Asia, Latin America and South Africa
Economic Outlook

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JOBS OUTLOOK
The following, a summary of the coverage around jobs outlook for Australia for
the period: July 2015.

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Rise in job ads in
August 2015,
compared to the
previous year,
according to SEEK
+11%
Jobs Outlook

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Jobs Outlook
Clear declines in jobs are
evident in WA and NT. SA is
softening, despite lesser
reliance on mining, but
heavier on manufacturing
Non-mining economies are showing jobs
strength in the ACT, NSW, TAS & VIC

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Farming,
animals&
conservation
+32%
Jobs Outlook
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
+26% +23%
Design&
architecture
22%
callcentrer&
customerservice
Education&
training
As resources roles decline, there’s uptake in
other industries….

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Contingent
Workforce
Coverage

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Developing an appealing
working environment is key to
attracting & retaining talent. But
many Australian employers are
struggling to find the best, right
talent as so many Australians
are opting for a flexible working
life, over job security
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Contract Work

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E-Lance/ODesk have over
161,000 Australian businesses
registered with them: showing
the power of these platforms for
big business to get jobs & tasks
completed without the burden of
extra head count
1
The platform also reports that
Australian businesses plan to
continue to hire more freelancers
over permanent hires for key
roles including: admin, design,
customer service, call centre,
financial clerks
2
It’s also reported a growth in
business hiring through the site
of over 235% over 3 years
3
Traditionally, Australian workers had access to
a limited number of clients in Australia. Now
they work in a global market thanks to platforms
like Elance/Odesk and Freelancer.
Contract Work

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In 2015, the U.S.
Department of Labor
found that 65 percent of
employers anticipate an
increase in the use of
flexible staffing
arrangements to meet
their future talent needs
The slowing of the US economy
has seen many traditional
workers taking up the
opportunities afforded by
contract, freelance & gig based
work. Including…
• renting rooms on Airbnb
• making goods for Etsy
• completing tasks on Airtasker
Many worry about the safety of
ongoing work, but largely are
happier as an active participant
in the gig economy than
working for an individual boss
Contract Work

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Deloitte Consulting’s Global Human Capital Trends 2015 Whitepaper
of respondents said
their need for
contingent workers will
keep growing over the
next three to five years
51%
Contract Work

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Process optimization to
enable hiring managers to
focus on growing their
business, strategizing and
running their departments,
driving profit & progress.
A great series of articles
about the trend for
improved designing of
MSPs to not only
offer…
‘Design thinking is
increasingly being
applied to complex,
intangible issues like
how a customer
experiences a
service’
Offers an emotional
component to
alleviate the burden
of managing large
teams of staffing
suppliers and their
talent
• deliver cost savings
• visibility to performance & spend
• risk reduction
• improved forecasting
• and…
Contract Work

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Sources
Economy & Jobs:
1. Job ads figures by state http://bit.ly/1LlQ2NY
2. The RBA & business outlook http://bit.ly/1Of4SLt
3. Retail spending http://nab.co/1FzhLZI
4. Business Confidence http://nab.co/1FzhPsh
5. PwC & Interest Rates http://bit.ly/1FzhUMt
6. Wage growth stagnates http://bit.ly/1FziNVu
7. Rates to remain low http://bit.ly/1UDMOQa
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

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