'UK credit crunch causes Australians to return home'
16/05/2008(4:15 PM)
Australia's strong economy is encouraging many of the country's financial professionals working in London to return home, a study has revealed.
Employment opportunities or a job offer are cited as reasons for returning home by 65 per cent of Australian's leaving the UK, according to research by financial services specialist Link Recruitment, the Herald Sun reports.
The number of Australians applying for "City" jobs in central London also fell by 14 per cent in the first four months of this year compared to the first four months of 2008.
Furthermore, figures show that an increasing number of Australians are returning home from the UK each year - around 34,000 annually - more than any other nationality, Link said.
The company's Jason Cartwright claims that the traditional trend of high numbers of skilled Australians looking to gain experience in foreign markets has starting to reverse.
"Australians are heading home and looking to benefit from the strength of the Australian economy," he said.
"There is a belief that Australia is a safer bet whilst the credit crunch runs its course."
A survey of 25 economists by Bloomberg News recently revealed that employers hired an additional 10,000 workers in April and 14,800 in March.
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