Over 90% of university graduates in Australia secure full-time work with high salaries three years after the completion of their degree, according to University World News.
University graduates in Australia have also enjoyed strong salaries growth, with an average graduate starting salary in the region of AU$58,700, rising to around AU$72,800 just three years after entering the workforce.
This follows new data released by the Australian government, less than a week after the Minister for Education, Dan Tehan, announced that graduate employment outcomes are to be the most important factor under the performance-based funding model for universities.
The data also showed that graduate unemployment is significantly lower than the national average for unemployment: 3.3%, compared to 5.3%.
The data, published in the 2019 Graduate Outcomes Survey – Longitudinal report, demonstrated the value of the focus on job creation by Morrison’s government.
Tehan said: “More than 250,000 jobs were created last year and this data shows that university graduates [in Australia] are key beneficiaries. Universities are a key driver of job creation, job growth and productivity improvements in this nation.”
Catriona Jackson, Chief Executive of Universities Australia said that it was good to see the continuing recovery of the labour market since the global economic crisis: “To continue to strengthen the Australian economy, to create new jobs and grow new industries, universities are our engines of growth.
“Highly skilled graduates and university research breakthroughs are vital economic assets for the nation – seeding new jobs, lifting labour productivity and keeping jobs in Australia that may otherwise go offshore.”
Australia university graduates with Master degrees see further benefit
With the data showing an impressive 90.1% of students who graduated in 2016 in full time employment by 2019, the figures were even better for those who studied a postgraduate coursework degree.
86% of postgraduates had secured full time jobs four months after graduation, and 93% were in this position within three years.
Jackson reflected that each level of education attained beyond high school led to earnings rising on average and their chances of being jobless significantly decreased: “If you have a university degree, you are also two and a half times less likely to be jobless than if you had no education beyond school.”
Over 40,000 graduates were surveyed, with more than three-quarters of these working as managers or professionals.
Dentistry graduates were the most employable, with 99% in full time employment three years after completing their studies. This was closely followed by medicine (98%), rehabilitation (98%) veterinary science (96%), engineering (95%) and law (95%).
Those who opted for a more generalised degree, such as sciences or humanities, took slightly longer to find full-time jobs, but were employer at similar rates within three years.
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