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Compliance, Regulation

Royal commission effect on jobs already evident

Statistics released today by industry super fund Sunsuper show the banking royal commission has put a dent in career opportunities in the financial services industry, with employment demand shrinking 9.6 per cent year-on-year.

The Sunsuper Australian Job Index revealed the financial and insurance services sectors were the weakest-performing industries for employment demand.

Sunsuper chief economist Brian Parker said the results come as little surprise.

“The royal commission and its aftermath seem to have an ongoing impact on employment demand and career opportunities in the sector,” Parker said.

“The only comfort from these results is that demand started to stabilise in the last quarter of 2018 – growing 1.6 per cent – suggesting that the worst may be over and some rebuilding may occur in the year ahead.”

The demand for temporary and contract work, known as contingent demand, rose by 1.3 per cent in the last quarter of 2018, but demand was sluggish all of last year, dropping 0.3 per cent year-on-year.

By comparison, contingent demand rose by more than 6 per cent in 2016 and 2017.

In the broader market, the permanent job market increased 11.4 per cent in the past 12 months, whereas contingent demand slipped 0.3 per cent.

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