Monthly Market Review October 2023

Posted on Wednesday, November 8, 2023 by EditorNo comments
  • Latest unemployment data
  • Opportunities in clean energy to events
  • Job vacancies on the up

As we are now in the final quarter of 2023, it's a good time to take a look at the job market in Central Queensland, one of the State's most diverse and dynamic regions. Recent statistics have been unveiled, shedding light on the employment landscape, and we've also got some insights into the future outlook for jobs in Australia as a whole.

Unemployment Figures

The unemployment figures for Central Queensland, for the quarterly period of July to September 2023 have been announced, and they reveal that the region is grappling with some challenges. Central Queensland's unemployment rate during this period stood at 4.7%, marking an annual increase of 0.4%. This figure, is notably higher than the unemployment rate for the country and for Queensland as a whole, which sits at 3.8%.  This clearly indicates that in CQ there is more work to be done, to bridge the gap between willing participants in the workforce and available job opportunities.  It is also important to note that in Central Queensland we have a very transient workforce, where many jobs are casual, or short-term contracts. 

To put it in perspective, Central Queensland is currently home to just over 4.5% of the state's unemployed population, with 128,800 individuals out of 2,825,200 in Queensland facing unemployment. However, it's worth noting that Central Queensland boasts a higher rate of the population participating in the workforce, with a participation rate of 70.9%, compared to 66.5% for the state of Queensland as a whole. This indicates a strong work ethic and willingness to participate in the labour market among Central Queenslanders.

Australia's Job Outlook

Looking beyond our region, we must consider the broader national context. Randstad, a renowned employment agency, recently published their 2024 Employment Outlook Survey, providing valuable insights into the expectations and challenges for the Australian job market in the coming year.

The findings from Randstad's survey paint an optimistic economic outlook for Australia in 2024. Almost 79% of respondents expect the economy to stabilise or improve, aligning with hopeful hiring projections. Around 70.5% of respondents anticipate an increase in hiring needs, and a remarkable 87% foresee an improvement or stabilisation in the availability of talent in 2024. These promising statistics bode well for businesses and job seekers alike, as a stable or growing economy typically translates into business expansion and increased job opportunities.

Queensland's Clean Energy Initiative

On a local level, the Queensland government has made a significant commitment to renewable energy, which is set to create new opportunities and jobs in Central Queensland and throughout the state. They are investing $200 million in the Regional Economic Futures Fund, a new program aimed at supporting regional communities in harnessing their existing strengths to provide the materials, products, and services needed as we transition to renewable energy sources. This strategy aligns with the increasing demand for cleaner, greener, and more responsibly sourced products, presenting new avenues for economic growth and job creation in our region.

Rockhampton's Event Calendar

Rockhampton, a key city in Central Queensland, has unveiled its 2024 Major Events calendar. This calendar features 33 events across the 12-month period, expected to attract over 250,000 visitors to the region. Developed by Council’s Advance Rockhampton, the calendar includes a wide range of events, both by the local government and private sector. Events like Beef Australia 2024, Capricorn Food & Wine Festival, Rockhampton Show, and CapriCon Pop Culture Convention are set to have a positive impact on the local economy, stimulating the job market.

Number of advertised vacancies increasing

The latest data from the National Skills Commission regarding the number of online job vacancies shows an increase on a national level by 7.7% and we have recently seen a significant increase in the number of job vacancies being advertised on the Jobs in Central Queensland website, particularly in the key local industry sectors of Construction, Manufacturing and Mining Services. 


There are lots of reasons for optimism at the moment, both within our region and across the nation. The state's investment in renewable energy and a robust calendar of events in Rockhampton promise to create new opportunities for job seekers and reinforce Central Queensland's reputation as a dynamic and promising place to live and work.  However more work needs to be done, to ensure that the unemployment can be reduced, in alignment with other regions in Queensland and the national picture.

The resilience and determination of Central Queenslanders, along with a hopeful national economic outlook, provide the foundation for future success.

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

Previous PostNext Post

No comments on "Monthly Market Review October 2023"