Finance job opportunities have experienced a double digit drop in the wake of the royal commission as employment demand and career opportunities slip.
The latest data from Sunsuper Australia’s job index has revealed that finance job opportunities dropped by close to 10 per cent in the wake of the Hayne royal commission.
The financial and insurance services were the weakest performing industries in Australia after a 9.6 per cent year-on-year drop.
The job index overall saw a growth in the permanent job market of 11.4 per cent but temporary and contract demand slipped 0.3 of a percentage point.
Sunsuper’s chief economist Brian Parker said it came as little surprise that the sector was the worst performing industry.
“The royal commission and its aftermath seems to have an ongoing impact on employment demand and career opportunities in the sector.
“The only comfort from these results is that demand started to stabilise in the last quarter of 2018 (growing 1.6 per cent) suggesting that the worst may be over and some rebuilding may occur in the year ahead,” he said.
Mr Parker said contingent job demand was down in nearly all sectors, including the financial industry but had risen slightly in the last quarter.
“Although contingent demand was up 1.3 per cent in the last quarter of 2018, demand was particularly sluggish all of last year slipping 0.3 per cent year-on-year,” he said.
Mr Parker said that the permanent job market had good momentum after rising again in Q4 bringing the annual rise to above 11 per cent.
“All the recent momentum has been in the permanent job market, with demand rising 1.7 per cent in the December quarter contributing to an 11.4 per cent rise over the last 12 months,” he said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]