AUD: The job market is softening in the industry and jobs are slowing down in the video production industry in the US, according to a new survey.
In 2016, the unemployment rate in the film industry was 6.9 per cent, but in 2017 it has been down to 4.6 per cent.
The report by the Federal Reserve Bank of San Francisco suggests that this could lead to a gradual shift away from video production.
Photo: James Brickwood, The Australian The jobless rate for film production professionals in Australia is now lower than the unemployment rates of other industries such as education and health care.
In terms of the unemployment levels for other occupations, the Federal Government says that the jobless rates are comparable to the rate for those in the manufacturing, construction, mining and energy sectors.
“This is consistent with recent research that finds that a job loss of at least 2 per cent in the mining sector would reduce the number of workers employed in that industry by up to 5 per cent,” said Dr Brian O’Connor, economist at the Reserve Bank.
“While this is a small effect, it has the potential to lead to substantial job losses across all industries in the future.”
While the survey suggests the jobs in the Australian video production sector will slow down, the report also suggests that video production jobs are being held back by low interest rates.
Dr O’Neill says that low interest rate policies could also lead to job losses in the media industry, where demand is being met by people with a lower level of education.
The Australian media industry is facing a similar situation as in other industries.
Dr Brian Pappas, chief executive of MediaWise, a research company that provides research to media organisations, says that this is happening because the US government is lowering interest rates, which will lead to more demand from overseas for Australians to produce and produce more.
“The US government, under Trump, has made it more difficult for Australians working overseas to work in the United States,” Dr Papps said.
“If you look at the global media market, the US is the dominant market.
There are a lot of international broadcasters in Australia.
They are not going to be able to compete in the U.S.”
The survey was conducted in February 2017 by a panel of media industry executives and academics who are based in the Federal Treasury and the National Institute of Economic and Social Research (NIESR).
The report includes interviews with more than 1,000 people in the audio and video industries, as well as people who work in film, video, digital content and publishing.
Mr O’Sullivan says that if Australia continues to grow at a rapid pace, it will lead the world in video production and in terms of jobs, it could lead the way for Australia to overtake Australia as the world leader in video.
“We are very far ahead of other developed economies,” he said.