Those working within the property, infrastructure, and the energy sectors are set to see the greatest salary increases over the next year, buoyed by a spate of “job-creating” infrastructure projects.
According to recruitment firm Robert Walters, the recent infrastructure boom coupled with large contractors trying to hold on to key staff is stimulating higher than expected wage growth within a number of roles across the property industry.
Following the coalition government's shock election victory earlier this year, plans for $100 billion pipeline of “city-shaping projects” including the Melbourne Airport rail link, Sydney's WestConnex tunnel and a series of smaller road projects and train station carpark upgrades have commenced.
The report found that the top jobs currently in demand were for project engineers, rail system engineers and asset managers within the energy sector, with skills around project planning, ETCS signalling and solar asset management highly sought after.
“Australia’s economic outlook in 2020 is steady rather than spectacular, with the jobs market set to follow suit,” the report stated,” Robert Walters managing director James Nicholson said.
“We don’t expect an outbreak of substantial wages growth overall, but we do expect upward salary pressure for professionals in specialist areas within technology, infrastructure, and financial services.”
Australia’s top wages in 2020
|1||Property, Infrastructure and Energy||Maintenance Planner - Operations||27%|
|=2||Property, Infrastructure and Energy||Asset Manager – Renewables||26%|
|=2||Property, Infrastructure and Energy||Asset Manager – Operations||26%|
|4||Property, Infrastructure and Energy||Maintenance Planner - Operations||25%|
|5||Retail, Commercial and Corporate Banking||Managing Director – Project Finance||24%|
|=6||Property, Infrastructure and Energy||Asset Manager – Renewables||23%|
|=6||Property, Infrastructure and Energy||Systems Assurance Manager - Projects||23%|
|=6||Property, Infrastructure and Energy||Asset Manager - Operations||23%|
|9||Property, Infrastructure and Energy||O&M Manager – Renewables||22%|
|=10||Accounting and Finance||Accounts Payable – Part-qualified||20%|
|=10||Technology, Digital and Transformation||Developer – Development and Testing||20%|
With Australia committed to long-term nation-building programs throughout 2020, wages are projected to fluctuate and stimulate demand for specialist roles in the property, infrastructure and energy sectors.
The emerging renewables sector is also showing signs of promise, and the creation of some new jobs, however, uncertainty may linger until the Australian government articulates a more comprehensive energy policy.
Across the private and public sectors, there remains a high demand to fill the short supply of professionals with skills in robotic process automation, artificial intelligence, cyber security, business intelligence, analytics, UX and UI.
“While the jobs market will vary between different states and territories, one trend is universal: digital transformation,” Nicholson said.
“As a result, 2020 will see employers vying for professionals with expertise in development, UX, data management and cyber security.”
The economy added 14,700 new jobs last month after a big gain in full-time jobs of 26,200 and a fall in part-time jobs of 11,400 in seasonally adjusted terms, official figures from the Australian Bureau of Statistics showed.
However, wage growth has declined to 2.2 per cent after rising 0.5 per cent in the quarter.
Private sector wages grew 2.2 per cent in the year to September compared with public sector pay rises of 2.5 per cent, according to the seasonally adjusted wage price index.
The Reserve Bank of Australia recently sidelined its prediction that wage growth would pick up and downgraded its forecasts to 2.2 per cent for the end of the year before predicting a flat 2.3 per cent growth rate for at least the next two years.