[Podcast] There’s no UberJobs app to solve the problem. It’s time to try something else with Simon Kuestenmacher

What does the Uber Eats app have to do with the skills shortage?

What does walking down the cereal aisle in the supermarket have to do with our economy and our property markets?

In today’s show I chat with leading demographer Simon Kuestenmacher, who uses a number of food metaphors to help explain what’s happening in our economy, so if you’re a lover of food as I am, and more importantly if you’re interested in the property or business, I’m sure you’re going to get some great insights from my chat with Simon.

I’ll also share a mindset moment about failure with you.

Topics that Simon and I discuss:

• Australia is facing a skills shortage
  • This is happening because of low immigration. Without overseas migration, the country doesn’t have enough workers to meet its needs
  • Businesses “raided the pantry” by hiring from the pool of unemployed workers, but the pantry is nearly empty now
• Because skilled migrants aren’t available, full employment is near
  • Even some long-term unemployed workers have returned to the workforce
  • But some sectors, like tourism and hospitality, are still struggling to find enough workers
  • Competition for workers may drive some wages up
• However, not all businesses will be able to afford to raise wages. And in some cases, wages might not be the reason they’re having trouble finding workers
• Australia needs to get to work on creating its own skilled workers to fill positions, since skilled migrants from overseas are unavailable
  • This involves removing barriers to upskilling
• Companies will need to choose where they fall in the “cereal aisle” – expensive cereal on one side, cheaper brands on the other, and a basic brand square in the middle

Resources:

Michael Yardney

Simon Kuestenmacher - Director of Research at The Demographics Group

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Some of our favorite quotes from the show:

“One of the ways one can have a better GDP and improve your economy is becoming more productive.” – Michael Yardney

“We choose to target areas where there’s more skill level 1 and 2 workers, where there are more established money suburbs because that’s the premium end of the Weet-Mix market.” – Michael Yardney

“I think failing is overrated.” – Michael Yardney

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