The September quarter saw a slight contraction in the national job market, with the Royal Commission impacting employment prospects in banking and insurance, with job opportunities in the sector falling 13.5 per cent in the last six months and 5.3 per cent in the last three.
“The sector was performing reasonably well until around this time last year when the Royal Commission was called, and this seems to have had a significant effect on employment prospects in the banking and insurance space,” Sunsuper’s chief economist, Brian Parker said, commenting on why the sector performed the worst of any in the Sunsuper Australian Job Index.
The Index fell by 1.6 per cent in the September quarter overall, with clerical and administrative roles also dropping 6.3 per cent. Professional job opportunities grew however, up 12 per cent from last September, with mining, construction and utility jobs also growing.
The ratio of permanent (72.2 per cent) to contingent (27.8 per cent) job prospects remained steady since last quarter. The growth of permanent demand, at 10.3 per cent, outstripped that of contingent demand, which grew only 1.6 per cent.
Parker pointed to a strong employment market as a key cause of these results, saying that employers were confident hiring permanent staff as they looked to lock in skills and minimise talent shortages.
The Financial Services Minister says the amendments to the SIS Act within the first QAR bill will “clarify the law to affirm the status quo”.
Superannuation funds have thrown their support behind the QAR reforms but want a “clear statement” that they will not be required to check all member SOAs.
In its latest report, the corporate regulator says the deduction of advice fees has led to instances of “inappropriate erosion of members’ balances”.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
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