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Large cuts to migrants in Australia could prompt a labor shortage and skill crisis which could lead to wage blowouts as the resources sector gears up for another boom, Australian industry analysts warned on Friday. "There's no doubt there is a shortage of labor there," said chief economist Harley Dale from Housing Industry Association (HIA) . "It's not as acute as it has been at some periods in the past simply because industries were recovering from what was a very weak 2008/2009, but we have pretty clear evidence that there are widespread labour shortages." A recent HIA survey found 8 of 13 housing trades were under- supplied in the June quarter. Dale said that as demand increased, there would be a repeat of the labour shortages and wages blow outs of 2006, 2007 and early 2008, particularly in resource-rich states of Western Australia and Queensland in Australia. Australian Bureau of Statistics (ABS) figures released on Thursday showed new capital investment fell unexpectedly in the June quarter, but with strong outlook for 2011. Mining investment is expected to increase by between 40 and 50 percent over the year. Australian leading investment company, CommSec economist Craig James said wage pressures were expected to increase in resource rich areas. |
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