30 November 2009 17:00
She’ll be right mate – new evidence to wait out tough UK times
New data shows the UK is one of the worst expat places to live, but returning expats aren't leaving the doom and gloom behind when returning to Australia’s sun and surf.
editor@australiantimes.co.uk
By Ashlea Maher
The UK Office for National Statistics figures show that 20,000 Australians left in the UK last year, an increase of 25 per cent.
About 10,000 finance, banking and insurance expats who have returned home since global financial crisis, according to Australian business analysts IBISWorld, but have returned to a finance market where the employment rate has fallen by 4.4 per cent.
Many are taking the opportunity to return for Christmas but could be worried by signs the unemployment in the sector is expected to drop another 0.8 per cent of positions by June 2010, IBISWorld said.
"Overseas, especially in London and New York there are, and will continue to be, a lot of jobs being lost because of the credit crunch,” IBISWorld industry analyst Raghu Rajakumar told News Corporation.
"This group of generally very qualified people will return to a slightly better jobs market in Australia but local employers will be in the position to pick and choose from an oversupply of banking, finance and investment professionals."
“Australians typically leave the UK in November and December, but begin their local job hunt in January. As 2009 draws to a close, there is expected to be a higher than normal flow of financial services professionals arriving back, to Australia.
“The absorption rate into jobs is now a lot lower than it was a year and half ago in Australia.”
But job prospects for the local finance industry are expected to pick up by mid-2010.
“From early- to mid-2010 conditions are expected to have improved significantly in the financial jobs market."
“London's financial district has shed thousands of jobs during the financial crisis and stricter visa changes make apply for a working holiday visa harder,” Mr Rajakumar said.
This week, expat survey findings showed the UK is one of the world's worst locations to live.
An HSBC Bank International survey showed that 41% of expats were unhappy about the situation, 16% found the quality of their accommodation had improved since moving to the UK.
“While expat life is generally a very rewarding experience, there are also many challenges that expats face as a result of relocating to a foreign country,” the report reads.
High living costs were a major concern, alongside long commuting times, expensive accommodation costs, arranging healthcare and finding somewhere suitable to live.
HSBC spokeswoman Betony Taylor said the UK’s entertainment and employment opportunities were the main draw cards for expats in the UK.
“There's certainly a young crowd about so they were keen on the amount of cultural activities on offer,” she said.
“The UK came out top as the entertainment hotspot for expats, with 58% thinking the quality was great.”
Further, 62% said that improved employment prospects are among the main reasons that they chose to live in the UK, compared to 59% on average.
"They were very impressed by the job opportunities available and quite optimistic about the range of jobs on offer in Britain,” she said.
"Overall, although the UK doesn't rank as highly as other expat locations in the overall league table, it is still clearly a popular choice for expats and is believed to be an excellent launch pad for their internationally mobile careers."
What do you enjoy or hate about your expat experience? Comment here or email the Australian Times.
Record number of Brits coming to Australia. Read the report here