The Department of Education, Employment and Workplace Relations recently released its comprehensive annual Australian labour market update; Australian Jobs 2013
Here are some interesting stats about employment and earnings outcomes from education and training:
(A) Unemployment and participation rates
- Australians who hold a bachelor degree or higher qualification have the lowest unemployment rate (3.4% in 2011) and the highest labour force participation rate (87.4%).
- Those who hold vocational education qualifications at the advanced diploma/diploma or certificate III or IV level also have relatively low unemployment (4.0% and 4.3% respectively).
- The unemployment rates for workers who do not hold post-school qualifications are markedly higher, particularly for those who left school before completing Year 10 (12.2%). Those who left school before the end of Year 10 have the lowest level of labour force participation (45.5%).
(B) Full time employment for 2011 graduates within 4 months of their course completion
In the tertiary sector the strongest graduate employment results, by specific discipline were:
- medicine and pharmacy (both 98.1%, but this figure is influenced by registration year requirements, for which the health sector provides places)
- mining engineering (93.9%)
- surveying (93.0%)
- nursing - initial training (92.2%)
- civil engineering (90.5%)
The poorest results were for Creative Arts (58.6% in full time employment) and Physical and Natural Sciences (62.9%).
In the VET Sector (Cert I - IV plus Diplomas) the strongest employment results were:
- Education (91.1%)
- Architecture and Building (85.5%)
- Engineering and Related Technologies (83.9%)
- Health (83.2%)
- Agriculture, Environmental and Related (81%)
- People who did not complete Year 12 generally earn around 21% less than someone whose highest educational attainment is an advanced diploma or diploma, and around 42% less than a university graduate.
- In 2012, Graduate Careers Australia's (GCA) figures show the median annual starting salary for bachelor degree graduates aged younger than 25 years and in their first full-time job was $52,000, up by $2,000 from 2011. GCA's analysis states that this was 77.8% of the annual average male earnings ($66,800) at the time of the survey.
- The highest earnings for tertiary graduates in 2012 were:
- Dentistry ($80,000)
- Optometry ($79,000)
- Earth Sciences ($73,000)
- Engineering ($63,000)
- Medicine ($60,000)
4. The highest average salaries for VET graduates in 2012 were for:
- Education ($71,800)
- Engineering and Related Technologies ($58,500)
- Natural and Physical Sciences ($57,500)
- Health ($55,800)
- Management and Commerce ($55,500)
For those who completed their VET training as part of an apprenticeship or traineeship, the average starting salary was $46,500.