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Aussies heading home

16/05/2008 5:08:08 AM
Australians working in London's financial district are returning home in droves, attracted by job opportunities presented by their native country's strong economy, a UK study has found.Research by financial services recruitment specialists Link Recruitment found the number of Australians seeking so-called "City" jobs fell 14 per cent in the first four months of 2008 compared to the same period last year."In fact, growing numbers of Australians are moving back to Australia and turning to the domestic jobs market for the next stage in their career development," the company, which has offices across Australia, New Zealand and Britain, said in a statement."The latest figures available show more Australians are returning home from the UK each year than any other nationality (around 34,000 annually) - and career opportunities in their homeland represent the principal motivating factor."Sixty-five per cent of Australians returning home cited a job offer or the search for employment opportunities as their main reason for moving.The resilience of the Australian economy through the global financial crisis is the biggest draw.Link's Jason Cartwright said that historically, large numbers of skilled Australian professionals looked to gain experience in overseas markets such as the UK."Now we're seeing a reverse of the trend," he said."Australians are heading home and looking to benefit from the strength of the Australian economy."There is a belief that Australia is a safer bet whilst the credit crunch runs its course."While Australia has not been immune to financial problems unfolding worldwide, the fundamental economy remains strong.Growth has risen for 16 consecutive years and the Australian dollar hit an 11-year high against the British pound this month, meaning Australians' Sterling earnings are now worth less in Australian dollar terms.Resource-rich Australia is benefiting from strong commodity prices and, with Japan and China its key export partners, is set to gain in the long term from the global shift of economic power from the US to Asia.Unemployment rates are also at a 33-year low and the job market is buoyant.But recruiters said it was not all doom and gloom in the British financial job market.Nabila Sadiq, managing director of London recruitment firm Joslin Rowe Temporaries, said the temporary job market remained strong, with only 0.3 candidates for every vacancy."The perception is that jobs in London's financial service industry have dried up," Sadiq said."In reality, temporary recruitment remains incredibly strong as firms turn to the flexibility of a short-term work force ... the market for temps is probably as strong as 2007 in some areas." AAP
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12:50 PM AEST | When I heard that some obscure woman from Alaska had been selected as the Republican Party's vice-presidential nominee, my first reaction was not to check the cable news channels, or even the internet news sites. No, my first reaction was to go to YouTube.
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