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Wage & Salary Earners

AUSTRALIAN LABOUR MARKET TRENDS & NORTH SYDNEY CBD

Over the last two decades there have been drastic changes in the Australian labour force helped by new technologies, economic reform and internationalisation of markets.

Employment in the service sector has increased from 2.6 million to 6 million workers in the last 20 years. Employment trend surveys indicate that the service sector will continue to play a dominant role in providing new employment opportunities in the future.

The biggest growth is in the property and business sectors, with the numbers of workers growing by 76%-about 344,100 people.

The second fastest percentage growth (67%, 152,300 more workers) occurred in the accommodation, cafes and restaurants sectors, followed by the cultural and recreational services division (48%, 60,900 more workers).

Although the retail trade ranked sixth in percentage growth (29%), it ranked second in the actual number of new jobs (279,000).

These employment trends are reflected in the makeup of the labour market in North Sydney.

There has been a decline in employment in industries such as manufacturing and mining. This can be evidenced in the labour force surveys conducted annually by ABS, which tracks growth in industries employing people using the ANZSIC classifications system.

During the last 20 years there has been significant growth in Small to Medium Enterprises (SME’s). There are about 607,663 SME's in Australia.

As North Sydney CBD commercial buildings have smaller floor plates, SME’s represent a great opportunity for North Sydney CBD to meet their tenancy needs.