The May 2024 International Labour Market Update report is now available.
In the March quarter, labour markets in advanced economies remained tight, although there were some indications of easing.
The tightness in the labour market persisted, due to decreased job vacancies, offset by a decline in the supply of workers and stable, low unemployment. While the demand for labour continues to outpace supply, the gap may be narrowing.
Over the medium term, artificial intelligence (AI) has the potential to raise productivity by enhancing worker efficiency and boosting investment. AI technologies can automate routine tasks, allowing workers to focus on more complex and creative aspects of their jobs, increase overall efficiency and encourage businesses to invest in AI systems.
Migration and technological progress can mitigate the impact of global aging by alleviating labour shortages. As populations age, many economies face a shrinking workforce, which can hinder economic growth and strain social support systems.
Together, migration and technological innovation provide a dual approach to addressing the economic challenges posed by an aging global population, ensuring continued economic vitality.
If you have any questions or comments or want to know more, please email: migration@jobsandskills.gov.au.
