Queensland businesses secured more staff in the three months to March with employment levels increasing while labour costs are at a record high.
The latest results from CCIQ Pulse Survey for the March 2022 quarter show employment levels increased 2.9 index points, while labour costs increased 5.6 index points, with one in two businesses indicating they invested more in wages.
Businesses told us they expected labour costs would increase again in the June quarter.
CCIQ is calling for skilled workforce support ahead of the FY2023 State Budget to help alleviate the pressure on the competitive labour market and wage bills:
- Incentivise upskilling in traditional and emerging sectors
- Reinvigorate the regions
- Improved funding arrangements
Key Pulse findings:
- Business confidence in the performance of the state and national economies over the next 12 months improved after a sharp contraction in the December quarter.
- General business conditions improved 6.2 points in the March quarter as a consequence of better sales leading to partly improved business profitability.
- Total sales and revenue increased 8.1 index points however continues to reflect volatility seen between quarters over the past year.
- Labour costs in the March quarter increased significantly and the index is now at a record high of 71.4.