This Centre for Education and Training Research Note highlights the skills and workforce findings from the annual Australian Industry Group’s CEO Expectations Survey 2023.

Some of the key labour market and skill findings from the report include:

• Historically low unemployment rate has created an extremely tight labour market, which have exacerbated chronic staff shortages, particularly for skilled roles.
• 41% of businesses were able to increase their headcount in 2022 and 55% intend to do the same in 2023.
• 90% of CEOs expect to be affected by staff shortages in 2023. They intend to utilize a range traditional human resource strategies (such as invest in staff training and development and increasing headcount) to alleviate the shortages.
• Investment in staff training and development has hit all time highs as 47% of businesses increased their investment in staff training.