As 50,000 Mining Jobs Go, Construction and Services Open Doors to Workers
We’ve said it before and we’ll say it again, the mining boom in Australia is over. Unfortunately at the end of any Golden Age in an industry, layoffs are all but inevitable, and the mining sector has not been immune.
Around 50,000 mining workers have lost their jobs in the past 12 months. Is this alarming? Yes. Is it all bad news? Not by a long shot. To counteract the effects of the slowing down of mining, other industries have surged, leading to new opportunities for people coming out of the industry.
The growing housing market has provided many of these opportunities, allowing miners to find related work in construction.
Australia's mining companies are shedding jobs by the thousands, with 50,000 workers losing their jobs in the past 12 months. Perhaps a bit more surprising has be the proliferation of professional, scientific and technical service jobs, which all appeal to certain job holders in mining. Still yet, the arts and recreation industries are also providing a reprieve for people looking for work.
It could be a little too early to call it a trend, but job postings are on the rise. Since February of last year, jobs have risen by 186,500. That’s the most in two years. Internet and newspaper job adverts have been climbing for the last nine months as well, providing a good indicator that the labour market continues to slowly improve.
As the economy continues to progress towards services and away from mining, several industries will play a huge part. And although mining gets all the news, manufacturing actually employs close to one million Australians, where mining is just around 220,000.
Healthcare continues to dominate the employment top sport with 1.4 million workers—12 percent of the working population of the country. Retail employs 1.25 million people. Both industries added workers in the last year.
Information sourced from Sydney Morning Herald.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.