Australia loses $6.7b annually to unfilled job opportunities

According to analysis by global job seeker website Indeed, the economic cost of leaving jobs unfilled is huge, with 13% of vacant jobs remaining unfilled for three months or more, potentially losing Australia $6.7 billion each year.

The figures come despite Australia’s unemployment rate slowly rising to 6% in 2014.

The research found that there are currently five unemployed people for each vacant job in Australia, this is a significant rise from 2011, where there were only three unemployed people per job.

Indeed spokesperson Paul D’Arcy said the current job market was concerning for jobseekers and employers alike.

“For today’s jobseekers, competition is increasing. Unemployment is still low, but it’s been rising over the last twelve months,” he said.

“While it may seem like businesses currently hold all the cards, and shouldn’t have a problem filling vacant roles given the number of people looking for work, our research shows otherwise. Companies can’t always fill roles quickly, suggesting that people with the right skills are difficult to come by.”

The largest proportion of the loss comes from the mining sector, where a lack of labour creates a loss of $103 million each year. Between mining, construction and professional services alone, $221 million is lost annually.