AI Job Shift Yet to Materialise in Australia
Australia’s job market continues to see strong demand across a variety of sectors, but the anticipated shift toward artificial intelligence (AI) roles has yet to gain momentum, according to new research from Macquarie University.
Despite global attention on AI and advanced technologies, traditional industries like construction, retail, and hospitality still dominate Australia’s employment landscape.
Traditional Industries Still Lead in Employment
Macquarie University researchers, using data from market intelligence firm LinkUp, tracked job trends and found that in 2023, large employers in mining, manufacturing, finance, and early childhood education led hiring efforts. Contrary to predictions, the expected boom in AI-related jobs has not yet taken off in the country.
“There’s a belief that AI-related skills are driving job growth, especially in consulting and IT, and that these technologies are causing disruptions in lower-skilled roles,” said Professor David Orsmond from Macquarie University. “However, the data show that this shift hasn’t occurred in Australia yet.”
Accenture Among Few Tech-Focused Employers
The report noted that only Accenture, a company focused on data services, ranked among the top 20 employers in both 2022 and 2023, suggesting that the rapid advancement of technology hasn’t significantly altered the demand for skills in Australia.
Mining, Retail, and Finance Continue to Dominate
Traditional industries remain the cornerstone of the job market, with LinkUp’s database of over 250 million job listings (including 3 million from Australia) showing that mining giant Glencore, construction service providers Downer and Compass, and major retailers like Coles and Domino’s Pizza were leading employers in 2023. The financial sector also had a strong presence, with Commonwealth Bank of Australia, ANZ, and Macquarie among the top recruiters.
Retail and Hospitality Show Resilience
Associate Professor Mauricio Marrone from Macquarie’s Department of Actuarial Studies and Business Analytics highlighted the resilience of retail and hospitality hiring, despite economic headwinds.
“The strong demand in retail and hospitality, even with rising interest rates, was one of the more surprising findings,” Marrone stated. He linked this trend to increased discretionary spending in the post-pandemic era.
Interest Rate Rises Yet to Curb Spending
According to the report, hospitality companies like Accor Hotels and Marriott, as well as retailers such as Harvey Norman, Just Group, and luxury brand owner EssilorLuxottica, were also significant employers in 2023. This indicates that higher interest rates may not yet have curbed spending enough to reduce inflationary pressures.
