Results from the Australian Industry Group and Deloitte’s national CEO survey were released on 22nd March detailing their expectations for the economy and concerns over skills shortages in the year ahead.
Chief executives from the Services, Manufacturing and Construction sectors were surveyed on their expectations for 2010. CEO’s in all three sectors expected to see improvements though activity is forecast to be stronger in the services and manufacturing sectors this year than in the construction. Manufacturers on average anticipate a 5.6% increase in the nominal value of sales in 2010, to around $415 billion, in the services sector sales are forecast to rise 6.6% and construction sales are expected to grow by 2.5% in 2010.
This improvement is expected to be driven by improved consumer confidence from income growth and employment prospects leading to rising household wealth, while the fading government stimulus and rising interest rates are expected to impact upon the construction Industry.
Employment in the three sectors is expected to grow with a 2.9% lift in the Manufacturing sector, 2.3% in the services sector and 0.5% in the construction industry expected. Employers in all three sectors expressed concerns about a possible re-emergence of skills shortages as the economy returns to growth and how this will impact on employment and wages.
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