Job mobility eases, critical minerals policy disappoints

The latest Labour Force Survey data show that labour mobility in Australia is coming off the boil. That should help contain wage pressures going forward, given that job switching typically results in larger pay hikes for employees. Meanwhile, the Australian government unveiled its Critical Minerals Strategy this week. However, government incentives for capacity building pale in comparison to those in other major advanced economies. As a result, we don’t think non-traditional mining will unlock its full potential, despite opportunities stemming from the fracturing of the global economy.