Graduate Careers Australia
The Graduate Grapevine - Number 2, December 2005
- The December 2005 release of GradStats indicates an improved level of demand for new graduates, with 80.9 per cent of bachelor degree graduates who were available for full-time employment in 2005 obtaining such employment within four months of completing their degrees.
- The median annual starting salary for bachelor degree graduates in their first full-time employment was $40,000 ($38,000 last year).
- Employment has grown over the past 12 months by 356,400 or 3.7 per cent – 10 million workers in July 2005; unemployment at five per cent is the lowest in almost 30 years.
- Economic growth is expected to slow over the coming decades due to population ageing. DEWR modelling shows population ageing will affect all major industries and occupations across most regions.
- Businesses will have to do more regarding their retention and recruitment practices, such as improving work/family balance, retaining mature-age employees, etc.
- Based on a substantial lift in the earnings and profits of mining companies, Australia has experienced an investment boom. This has, in turn, contributed to strong growth in employment.
- ANZ believes that the demand for labour has now ‘cooled’ to a point where it is more in line with supply – it expects the unemployment rate will remain just above five per cent throughout the year 2006.
Source: ANZ Economic Outlook. December Quarter 2005.
- NACE’s Salary Survey shows that employers plan to increase college hiring by 13 per cent over 2003-04 levels.
- Employers also expect greater competition for new college graduates.
- 62 disciplines in 2005 reported a change in starting salary offers, 53 reported increases, including:
- - Business disciplines – $US36,901, just below overall average
- - Computer Science graduates’ average rose 2.3 per cent to $US50,820
- - Information Sciences and Systems increased by four per cent to $US44,775
- - Liberal Arts graduates had some major increases:
- -- Liberal Arts/General Studies, 13 per cent
- -- Psychology, 7.4 per cent
- -- Sociology, 7.1 per cent.
Source: Salary Survey A study of 2004-2005 beginning offers, Summer 2005 Volume 44 Issue 3.