More jobs looming for senior workers

There are now just 20.3% of young people aged 20-29 years in the workforce, the lowest ever recorded in Australia.

By comparison the workforce participation rate for people aged 60-64 years stands at 43%, which has risen sharply since 1999, while the numbers of young people in the economy has remained broadly stable.

CommSec’s chief equities economist, Craig James, said that the slide in the availability of young workers, despite a population increase, had been particularly marked in the past decade.

“And the situation won’t improve over the coming decade. Australia’s unemployment rate will fall further in the coming year to around 4% and businesses must quickly adapt.

“Many companies in mining and engineering sectors are already finding that a lack of skilled staff is hampering their ability to work on or secure project work. Human resource issues such as staff retention will take on increased importance in coming years,” Mr.James said.

It is anticipated that in six years time the proportion of the population aged 65 or older will be broadly the same as those aged between 20-30 years of age. Mr James said this meant there were likely to be increased employment opportunities for senior workers as a result.