Some might suggest that the Greeks have not worked for 3,000 years, not since they collectively held back the advancing Persian army under King Xerxes, so why therefore are we surprised that the Greek President wants to hold a referendum about whether Greece should accept the EU bailout. Predictable I think, and just as predictable as the stock market tumbling after this notion has filtered through the global financial markets!
The result is that this translates through the Australian economy with more uncertainty. We are so used to economic sunshine, particularly in Queensland, so the effect of "bad news" is that people are stalling with their decision making. To a large extent this is masked locally as the mining and resources sector is just so hungry for everything to keep their projects rolling.
Talent acquisition and retention is alive and well as the Oil, Gas and Mining houses scramble to deliver on their promise to bring projects in on time and on budget. Several new mining houses who are establishing themselves in Australia currently are behemoths when it comes to devouring everything in their way, including human resources and capital equipment. I was informed by a leading global recruitment business recently that one such client of theirs is already exploring the idea of flying full teams in and out of Australia. This seems a bit radical particularly when the team is 1800 personnel...! Wait for this to hit the press.
In the broader market I believe the demand for talent will be strong heading into and beyond Christmas. With interest rates falling, hopefully the first tier of the economy where small business is located will get a long awaited boost, resulting in a happier festive season for all.
