Monthly Market Review March 2023

Posted on Friday, April 7, 2023 by EditorNo comments

Easing of job vacancies nationally

The Australian Bureau of Statistics (ABS) latest media release on job vacancies across Australia has reported February 2023 vacancies were down 1% from November 2022, and down 9% from the peak in May 2022.  Whilst vacancies have been on the decline over the last three quarters, job vacancies are still high, nearly double what they were at the start of the pandemic.  Regional Labour Force data shows that the number of employed persons in Central Queensland increased by 8% over the year, compared to 4.1% annual change for Queensland.  Unemployment decreased by 1.8% to 3.3%, compared to 3.8% annual change in Queensland.

The local picture is stable

At a local level, we have seen the number of job vacancies on the Jobs in CQ website increase by 10.84% in March, compared to February.  However, March was 3 days longer than February and when the data is adjusted to account for this, the number of vacancies advertised for the 2 months is almost equal, or precisely 0.12% higher in March. 

Labour demand locally in Central Queensland is still generally high, particularly for professional roles such as Engineers and skilled trades.  However we are seeing supply significantly surpass demand in administration and for some unskilled vacancies. 

GAWB pipeline project boosts local economy

The Fitzroy to Gladstone Pipeline project commenced in March with owners Gladstone Area Water Board (GAWB) shortlisting McConnell Dowell and CPB Contractors in their early contractor involvement process.  The $983 million project will see the construction of a 117km pipeline running from the Lower Fitzroy River to Yarwun and addresses Gladstone’s single source water supply risk, as well as supporting the emerging hydrogen and renewables industry in the area.

The project sees yet another boost to the local economy with supply chain prospects for businesses and of course increases opportunities for local workers, with demand expected to create 400 jobs at the project’s peak.

Expos to connect local businesses

Gladstone is set to see two Expos provide opportunities for local businesses and industry to showcase their services in the coming months.  GEA’s Supply Chain Expo is on 27 April and GCCI’s Business Expo will be on 25 May.  Both events offer the opportunity to connect and collaborate, creating opportunities for growth in all areas of the local community.

Psychosocial obligations change in April 2023

From April 2023, Queensland’s statutory requirements for managing psychosocial risks are changing, with non-compliance being an actionable breach of the code.  So it is important for employers to understand their responsibilities in relation to this.    

In line with other health and safety approaches, workplaces are obligated to manage the risk of exposure to psychosocial hazards in the workplace.  These hazards can include a range of factors related to the social and cultural characteristics of a workplace, such as high work demands, poor support, low reward and recognition, remote or isolated work, and traumatic events.  These are in addition to the risks of bullying, harassment and sexual harassment that you will likely be more familiar with.

The impact on health after exposure to psychosocial hazards includes stress, anxiety, depression, PTSD, sleep disorders and suicidal thoughts.  The code notes that impacts can also include cardiovascular disease, musculoskeletal injuries, immune deficiencies and gastrointestinal conditions.

Your workplace must comply with the code and business need to review their systems to be up to date.  This can include formalizing existing systems for managing workload and processes on how to respond to psychosocial issues in the workplace.  It is also advisable to educate managers on how to identify and respond to risks in their teams, whilst executives and boards should be aware of their legal compliance obligations.

Jobs In Central Queensland offer a holistic approach to your recruitment and talent attraction requirements. 

For more information and insights about local job opportunities Register

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