The Australian economy is dynamic. That’s one of the reasons it has been able to continue expanding for 25 years without a recession. The economy, businesses, and the public all exist in a small open economy constantly buffeted by global forces.
It’s easy to say we were over-reliant on the mining industry and its boom in the post-GFC world. But the openness of the economy has built an under-appreciated element of resilience in Australia that enables it to react to market forces and changing global demand.
The latest economic battleground is technology and innovation. Prime minister Malcolm Turnbull has entreated Australians to embrace the changes happening around them and become more innovative.
So he’ll be pleased by a report released this week by the world’s largest job site, Indeed.com, which shows that Australia is once again responding to changed circumstances.
The Indeed report shows that “over the last two years, the gap between the demand from employers for tech talent and the interest from job seekers in technology roles has decreased by 29%, this ratio is an important measure of the technology skills gap in Australia.”
That is, we have more workers identifying as and interested in tech work. Demand is increasingly being met by the supply of trained workers. The skills gap is closing.
They also give a nod to Australia’s universities for doing a good job training up the workforce.
Summarising the importance of this new finding Tara M. Sinclair, Indeed’s chief economist, and professor of economics and international affairs at The George Washington University, said:
Australians are quick to embrace technology and disruptive ways of doing things. However in recent years, the labour market has not provided the required technical talent to really drive innovation forward.
However, the IT skills gap is now closing, driven by both companies training up talent, and world class universities providing a steady stream of new skilled workers.
Innovation nation here we come.
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