As press releases go this one is very interesting from Kingsey Allen International who are reporting/predicting more Brits will be heading to Australia due to the strength of the Australian economy, which is being powered by China. A sign of things to come, I dare say!
Thursday 22nd April 2010
BRITISH BRAINS DRAIN DOWN UNDER
- 50% more Brits will be working in Australian finance services heartland by end of 2010 (compared to 2008) as China powers Aussie economy
- Wider financial services jobs in Victoria and NSW set to grow 11.1%
- 27,500 financial services jobs to be created in Victoria and NSW by end of 2010
- 69,250 Brits to work in financial services in Sydney and Melbourne by end of year
More British professionals are finding work in Sydney and Melbourne according to executive search firms, Kinsey Allen International and Jon Michel Executive Search. Over the first three months of 2010, the number of vacancies for Australian financial services roles being filled by British workers rose 4 percentage points compared with the same period in 2008.
Growing numbers of Brits are moving from London, turning their backs on the domestic jobs market for the next stage in their career development. There are comparatively more career opportunities in Sydney and Melbourne than in the equivalent Western Europe economies and this is proving the principle drive behind the exodus to Australia.
According to the Australian Bureau of Statistics, the number of people working in the financial services capitals of Australia – Melbourne and Sydney – has increased by an average of 3.6% every three months since May 2009[i]. Kinsey Allen International says this growth is set to continue and will create another 27,750 financial services jobs by the end of 2010.
GRAPH 1: NUMBER EMPLOYED IN FINANCIAL SERVICES IN NSW & VICTORIA
The “bullet proof Australian economy” is being powered by its mining sector. As the credit crunch took hold of Western Europe, the Australian economy has proved resilient to shocks that have crippled the Old World, as the fundamental economy has remained strong in face of the global downturn. With China as one of its main export partners, Australia looked set to benefit from the global shift of economic power from the US to China and Asia more than any other major economy.
The Australian dollar’s 25-year high against the pound and soaring housing prices are prompting some Brits to make the journey home. But for quality professionals the rewards of working in the financial services’ strategic hub for the Asia-Pacific region are too much to give up.
In 2008, the financial services industry in New South Wales and Victoria employed approximately 46,500 British professionals, 19% of the total. Kinsey Allen International suggests this is likely to increase to 69,250 by the end of 2010, reflecting the growth of the industry as a whole as well as the increased supply of good British candidates. In terms of all candidates registering for work in Australia between January and March (inclusive) 2010, the proportion of candidates from Britain rose 4 percentage points compared with the same period in 2008 meaning Brits now make up 25% of the total (21% in 2008). According to the research, by the end of the year as many Brits will be employed in financial services in Victoria and New South Wales as there are people living in Launceston, Tasmania – one of Australia’s 20 largest urban centres.
GRAPH 2: BRITS EMPLOYED IN FINANCIAL SERVICES (VICTORIA & NEW SOUTH WALES)
Ken Brotherston, CEO of Kinsey Allen International, said: “Australian employers are increasingly keen to look outside of the domestic market for key talent and Brits are clearly an obvious consideration: we share history, culture, institutions, and language although sadly not the same sporting prowess.. From a candidate perspective, with the Australian dollar sky high, the opportunity to move to Australia has become very attractive. With mortgage finance so difficult to come by in the UK, people aren’t being put off by high Australian house prices either.”
In the 2006 census, it was revealed 1,038,162 people – 5.23% of the total 19,855,288 strong population of Australian – were born in England, Scotland, Wales, Northern Ireland, the Isle of Man or the Channel Islands. In contrast, only 0.10% of the population were born in France and only 0.06% in Spain.
As a result of the increased emigration to Australia from London and other Western European financial centres, Kinsey Allen International has announced a strategic alliance with Australian based Jon Michel Executive Search (JMES) to place candidates looking to move from London in Australia – and provide career opportunities for their own consultants.
Ken Brotherston, said: “The flow of skilled workers has changed direction. Now that Brits are increasingly considering a life overseas we see London’s financial services professionals looking increasingly towards Melbourne and Sydney – rather than the other way around – accordingly we have had to look again at our overseas network. Our alliance with Jon Michel Executive Search will help us strengthen our links with clients and candidates in Australia.”
Jon Michel, Managing Director of Jon Michel Executive Search, said: “Forming a strategic alliance with an international player had been on our agenda for some time. Kinsey Allen International already provides executive search services from offices in New York, Hong Kong, Munich, Paris, Zurich and Doha as well as the UK. Their reputation, and quality-driven approach to client service should benefit both sides greatly and we look forward to developing the relationship over the coming months and years.”
[i] Australian Bureau of Statistics: Labour Force, Australia, Detailed, Quarterly, Feb 2010