New university graduates in Australia are finding it harder to get a job than last year, according to the latest research by Graduate Careers Australia.
In 2014, 68.1% of new bachelor degree graduates had found a full-time position within four months of finishing their courses. This was down from 71.3% in 20131.
“It is clear that the labour market for new graduates has yet to fully recover from the downturn experienced in late 2008 following the global financial crisis (GFC),” says Graduate Careers.
The GFC was followed by a series of economic and policy events such as the mining downturn, flattened consumer confidence, work force globalisation and off shoring, increasing task automation and concerns about the state of the international economy as seen in Greece and China.
“It is perhaps not surprising that local recruiters are adopting a prudent ongoing hiring stance that sees new graduates taking longer than usual to find employment,” says Graduate Careers.
However, here’s what graduates can expect to earn when they do land a job:
And in the longer term prospects are strong.
Australian Bureau of Statistics (ABS) figures for May 2014 show just 3.2% of bachelor degree graduates are unemployed compared to 3.4% in 2013. The May 2014 unemployment rate for those without post-school qualifications was 8.2%.
In 2014, the median starting salary for bachelor degree graduates was unchanged at $52,500.
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