The new FY checklist: 5 things you must do now to prepare for Australia’s new financial year

As the new financial year quickly approaches, both employers and candidates start reviewing their priorities. Prepping for the new financial year in Australia is more than a compliance exercise. It is a chance to reset, strengthen workforce planning, and position yourself for growth.

1. Review workforce needs and future skills demand

For employers, the new financial year is the ideal time to reassess team structures and identify upcoming skills gaps. Australia’s engineering and advanced manufacturing sectors continue to face strong demand for specialist talent. According to Engineers Australia, the number of engineering vacancies increased by 42% between 2021 and 2023, driven by infrastructure investment and emerging technologies. This trend shows no sign of slowing.

Candidates should also take stock of where their skills sit in the market. Reviewing job trends, salary benchmarks, and in demand technical capabilities helps you plan your next move with confidence. Whether you are seeking contract work or a permanent role, understanding where the market is heading gives you a competitive edge.

2. Update budgets and hiring plans early

Many organisations delay hiring decisions until the new financial year officially begins, but early planning prevents project delays. If you anticipate growth, restructuring, or new product development, now is the time to map out the roles you will need.

Budgeting early also helps you secure talent before competition intensifies. The National Skills Commission has consistently highlighted shortages across engineering, design, and technical manufacturing roles. When demand is high, a clear hiring plan ensures you do not lose momentum.

For candidates, this is the moment to update your CV, portfolio, and online profiles. Hiring activity often increases in July and August, so being prepared means you can respond quickly when the right opportunity appears.

3. Strengthen retention strategies

Retention is just as important as recruitment. The Australian Bureau of Statistics reported that job mobility reached 9.5% in 2023, the highest level in a decade. Employees are more willing to move for better conditions, career development, or work life balance.

Employers should use the new financial year to review:

• Salary competitiveness

• Training and development pathways

• Flexible working arrangements

• Internal mobility options

Candidates can also reflect on their own satisfaction. If your current role no longer aligns with your goals, the new financial year is a natural point to explore new opportunities.

4. Audit compliance, contracts, and processes

Compliance requirements shift regularly, particularly for contract and freelance engagements. Reviewing your onboarding processes, contractor agreements, and right to work checks ensures you remain aligned with Australian regulations.

For businesses working across borders or relocating talent, this step is essential. RHL’s hybrid UK–Australia capability means we see first hand how delays often occur when compliance is left too late.

Candidates should also ensure their certifications, visas, and professional memberships are up to date. A quick audit now prevents last minute issues when applying for roles.

5. Leverage global talent pipelines

Australia’s technical sectors continue to benefit from international expertise. The Department of Home Affairs has noted strong demand for skilled migration in engineering, ICT, and advanced manufacturing. As competition for niche skills increases, accessing global talent pools can be the difference between meeting project deadlines and falling behind.

Employers preparing for the new financial year should consider whether local talent alone can meet their needs. If not, exploring international recruitment options early can widen your reach.

For candidates, this is a good time to consider whether relocation, contract work, or international assignments could support your long term career goals.

Final thoughts

Preparing for the new financial year is an opportunity to strengthen your workforce strategy or advance your career. Whether you are planning new hires, reviewing your team structure, or exploring your next role, early action sets you up for success.