The past 2 years have seen South Australia’s economy under the spotlight. The job market has been the topic of conversation with some reports claiming it is the highest in 12 years and the outlook from South Australian Economist Darryl Gobbet is “bleak“.
There’s no doubt that with closures at Holden and many companies struggling to reduce their fixed costs that jobs have been lost. The Accounting & Finance (A&F) profession, however has seen an increase in certain areas and manufacturing continues to be the sector where the most new hires are being made.
The Data used in the below Infographic shows where the A&F jobs have been (for qualified accountants) in FY13 and FY14. It does not take into account jobs “lost” in the industry and includes both part-time and temporary positions.
For 2014, the 3 biggest sectors for percentage of new jobs have been:
Manufacturing (30.88%), Utilities (20.52%) and Professional & Financial Services (11.67%).
The Sectors which have experience the biggest growth have been:
Utlities, Mining & Resources and Manufacturing Sectors.
All 3 of these sectors have been under cost pressures over the past 4 years in Australia as we’ve faced the challenges of a high AUD, an apparent slow down in China’s consumption of our materials and products and the well documented story of our “Mining Boom” being over. There’s a strong argument that while there have been A&F jobs lost in this area, there have been a number of new positions as the companies have “up-skilled” their current staff and changed their business.
Top 3 Declining Sectors:
Non For Profit, Consumer and Construction & Engineering
By contrast the Non-For Profit Sector which has seen the biggest decline in A&F jobs has only recently been forced to make changes following the Federal Budget 2014. The Engineering and Construction industries have not required many new roles in A&F as a lot of projects (such as SAHMRI, Adelaide Oval and RAH) near completion. The emphasis on increasing infrastructure in SA could see this rise next year.
Its clear to see that South Australia still has many new jobs being created for Accountants year on year. Challenges in certain sectors seem to lead to change which, after an initial downturn, produces more jobs.
What’s not clear from this data is the number of unemployed South Australian Accountants and whether the number of A&F jobs disappearing outweigh the number being created.
With a growing population but lower cost for large businesses (nationally on average salary and cost of CBD office space) it’s an great opportunity for the SA government to offer incentives to large corporations to move their accounting functions to Adelaide. A CBD 20 minutes from the airport, located centrally in the country with great talent.