As we progress into the latter half of 2024, the Gold Coast’s labour market is revealing a complex and evolving picture. For employers, job seekers, and stakeholders alike, understanding these nuances is essential for making strategic decisions that align with both opportunities and challenges within the region. Let’s explore the latest data and what it signifies for the future of employment on the Gold Coast.
Sustained Employment Growth: A Positive Outlook
The Gold Coast continues to demonstrate resilience and growth, solidifying its position as a vibrant economic hub within Queensland. As of June 2024, the total number of employed persons in the region reached an impressive 395.6 thousand. This represents a 4.5% increase from the same period last year, outpacing the broader Queensland employment growth of 4.2%.
This growth is a testament to the dynamic nature of the Gold Coast’s economy, driven by a mix of established industries and emerging sectors. The continuous rise in employment figures reflects not only the region’s recovery from past economic disruptions but also its ability to adapt and thrive in a rapidly changing environment.
Unemployment Trends: A Delicate Balance
Despite the positive growth in employment, the unemployment rate on the Gold Coast has seen a slight increase, now standing at 2.8%. This is a marginal rise from the 2.7% recorded in June 2023. While this uptick may seem minor, it serves as a reminder that the labour market remains fluid, with certain sectors experiencing fluctuations in demand.
In comparison, the broader Queensland region has an unemployment rate of 3.9%, indicating that the Gold Coast is still performing well on this front. However, the slight increase in unemployment suggests that there may be pockets of the labour market where job creation is not keeping pace with population growth or where structural challenges persist.
The Decline in Online Job Advertisements: A Shift in Demand?
One of the more concerning trends is the decline in online job advertisements, which have dropped by 1.4% over the past month. This equates to 69 fewer job ads in June 2024 compared to May. On an annual basis, the decline is even more significant, with a 7.3% reduction, or 370 fewer job ads compared to June 2023.
This downward trend in job postings could be indicative of several factors. It might reflect a natural cooling after a period of intense hiring, or it could signal caution among employers in certain sectors, possibly due to economic uncertainties or shifting market dynamics. It’s important to note that while the number of job ads has decreased, this does not necessarily mean a reduction in job opportunities—some sectors may be moving towards different recruitment strategies or are in a phase of workforce consolidation.
Key Industries Driving Employment: Opportunities and Challenges
Despite the fluctuations in job advertisements, certain industries continue to underpin the Gold Coast’s employment landscape. The largest employing sectors include Health Care and Social Assistance, Construction, Retail Trade, Education and Training, and Accommodation and Food Services.
Health Care and Social Assistance
Health Care and Social Assistance remain the cornerstone of employment on the Gold Coast, reflecting the region’s growing and ageing population. The demand for roles such as Registered Nurses, Aged and Disabled Carers, and other healthcare professionals is expected to remain strong, offering stable and rewarding career opportunities.
Construction and Infrastructure
Construction is another major player, driven by ongoing infrastructure projects and residential developments. While this sector is traditionally cyclical, the current investment in both public and private construction projects provides a buoyant environment for skilled workers. Roles in construction management, engineering, and skilled trades are particularly in demand.
Retail Trade
Retail Trade, despite the challenges faced during the pandemic, continues to be a significant employer. The sector’s resilience is partly due to the Gold Coast’s status as a major tourist destination, which supports a vibrant retail economy. However, the sector is also evolving, with a growing emphasis on digital and omnichannel retail strategies, requiring workers to adapt to new technologies and consumer behaviours.
Education and Training
The Education and Training sector is integral to the region, especially with the presence of several universities and educational institutions that attract both domestic and international students. This sector not only provides direct employment but also supports the broader economy through its contribution to the local service industries.
Accommodation and Food Services
Accommodation and Food Services are closely linked to the Gold Coast’s tourism industry, which remains a critical component of the local economy. As tourism rebounds, there is a renewed demand for hospitality workers, chefs, waitstaff, and hotel management professionals. However, this sector is also one of the most susceptible to economic shifts and seasonal fluctuations, making it a challenging yet dynamic field for employment.
Youth Employment: A Critical Area of Focus
Youth employment continues to be a vital concern for the region. The Gold Coast’s youth unemployment rate stands at 4.8%, slightly lower than Queensland’s average of 5.8%. While this is a positive sign, the youth unemployment rate remains an area that requires ongoing attention. Young people often face barriers to employment, such as limited work experience and skills mismatch, which can hinder their entry into the workforce.
Addressing youth unemployment requires targeted initiatives, such as apprenticeships, internships, and training programs that align with the needs of the region’s key industries. By investing in the youth workforce, the Gold Coast can ensure a more sustainable and inclusive economic future.
Job Seeker Income Support: Reflecting Economic Pressures
Income support payments provide a crucial safety net for those struggling to secure employment. As of June 2024, there were 22,395 people on the Gold Coast receiving job seeker income support, a slight increase from the previous year. This number, while not overwhelming, indicates that there remains a segment of the population that is finding it challenging to secure stable employment.
This trend underscores the importance of ongoing support services and initiatives to help individuals transition from welfare to work. It also highlights the need for a robust social safety net to ensure that those who are temporarily out of work can continue to meet their basic needs.
Strategic Takeaways: Navigating the Gold Coast Labour Market
For employers, the current labour market dynamics present both opportunities and challenges. The steady growth in employment suggests a healthy demand for talent, particularly in high-growth industries like Health Care and Construction. However, the decline in job advertisements and the slight rise in unemployment signal that caution may be warranted, particularly in sectors where demand is softening.
Employers should consider diversifying their recruitment strategies, focusing on long-term talent development, and investing in upskilling their workforce to meet future demands. Building a strong employer brand and offering competitive compensation and benefits will also be key to attracting and retaining top talent in this competitive market.
For job seekers, the Gold Coast offers a wealth of opportunities, particularly in industries that are experiencing growth. However, flexibility and adaptability are crucial. Job seekers should focus on aligning their skills with the needs of the market, taking advantage of training and education opportunities to enhance their employability.
Conclusion: A Market in Transition
The Gold Coast labour market in 2024 is a reflection of a region in transition. While there are positive signs of growth and opportunity, there are also challenges that need to be addressed. By staying informed and proactive, both employers and job seekers can navigate this dynamic environment and contribute to the continued success of the Gold Coast.
Whether you are looking to hire or seeking your next role, understanding these labour market trends is essential for making informed decisions. The Gold Coast’s future is bright, but it will require strategic thinking, collaboration, and innovation to fully realise its potential.
