Where will the jobs come from under Turnbull?

Our newly installed Prime Minister Malcolm Turnbull has stressed the importance of innovation and flexibility if Australia is to prosper in the face of the mining sector downturn. Encouragingly, such flexibility is already being demonstrated – with a notable shift in jobs growth from mining and other “traditional” goods-producing industries toward the services sector currently underway. Those worried about the economic outlook in the face of mining sector job losses should note that mining sector employment in fact peaked in May 2012 (three years ago), and almost 60,000 jobs had already been lost in the sector by February this year. Over this same period, however, the economy created 440,000 net new jobs – at an annualised growth rate of 1.2%. While that growth rate is a bit below the economy’s long-term average, it’s arguably still not a bad result in the face of the mining sector downturn. Of course the question beckons: where did the new jobs come from? For more click on the link: (VIEW LINK)


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Chief Economist
BetaShares

Author, columnist, investment strategist and macro-economist. Previous roles at Federal Treasury, OECD, Macquarie Bank and AFR. I develop economic insights and portfolio construction strategies for BetaShares' retail and adviser clients.

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