The Australian dollar continues to hit new highs, yet the robust domestic economy is a more significant inducement for returnees and foreign bankers to start job searching down under.
The dollar is expected to remain strong, according to a leading economist, on the back of relatively high interest rates and robust commodity prices. “By year- end we see it rising to around $US1.10,” says Shane Oliver, head of investment strategy and chief economist, AMP Capital Investors.
However, a senior headhunter doesn’t believe the local currency is a major factor in decision making for overseas-based candidates. “I get phone calls from bankers in London about job opportunities in Australia, and they don’t even know what the level of the dollar is,” says John Coles, chief executive, Executive Group International.
“There is little in the way of career prospects offshore, while Australia is seen as one of the strongest economies in the world. There are jobs here but not in Europe and the US. It’s a simple equation,” he tells eFinancialCareers.com.au.
Sharmini Thomas, director, financial services, Michael Page International adds: “They’ve had two years of no, or minimal bonuses and don’t see investment or confidence in Europe or America increasing quickly, so its time to return home.”
However, she says the weakness of foreign currencies to the dollar means most returnees are not transferring large cash balances yet. “They will tend to rent for a period before looking to buy a house.”
On the other hand, young UK financial professionals on short-term visas may actually be attracted by the dollar’s strength, which will boost the value of their Australian savings before they go home.
http://news.efinancialcareers.com.au/newsandviews_item/newsItemId-31782
