Decreased Number of Australians Switching Careers Due to Rising Cost of Living
Approximately 1.1 million Australians made the decision to change their jobs in the 12 months leading up to last February, while 1.9 million were unemployed but actively seeking work.
The most recent job mobility report from the Australian Bureau of Statistics (ABS) indicated a decrease in job mobility rate to 8 percent in February 2024, down from 9.6 percent in the same period last year.
This data reflects the fact that around 1.1 million employed individuals opted to switch employers or businesses within the 12-month period ending in February.
Bjorn Jarvis, head of statistics at ABS, stated, “In the 12 months to February 2024, approximately 8 percent of employed individuals, or 1.1 million people, changed their employer or business.” This marked a decline of 1.5 percentage points from the previous year, returning to pre-pandemic levels.
The ABS also observed an increase in the number of potential workers, with 1.9 million individuals desiring employment but not currently engaged in work, up from 1.8 million in the previous year.
Further analysis revealed that younger Australians aged 15 to 24 exhibited a higher inclination towards changing careers compared to older demographics, and the Australian Capital Territory (ACT) displayed the highest job mobility rate at 10.6 percent.
Additionally, 2.1 million Australians transitioned out of their jobs in the specified period, with reasons ranging from pursuit of better opportunities to family considerations and retirement.
Meanwhile, the Australian Industry Group (Ai Group) cautioned that recent industrial relations reforms by the government might elevate job insecurity among the workforce, despite some positive amendments.
On the political front, concerns over the rising cost of living and economic policies have been raised by both sides, with Treasurer Jim Chalmers emphasizing tax cuts as a means to alleviate financial burdens for Australians.
