More people could take up engineering jobs in Australia as the country experiences an inflation of wages caused by a lack of skills in certain areas.

According to the BBC, unemployment in the country is at a steady five per cent and it has largely weathered the effects of the global financial crisis, but the average salary has risen to $66,594 (US$69,000).

Those in finance jobs in Australia typically take home $A80,000 a year, but miners can expect an average annual wage of $A108,009 due to the skills deficit, which could have wider consequences for the economy.

Dr Shane Oliver, chief economist at AMP Capital Investors, said: "It's not yet reached the point of an extreme concern, but it's something that the Reserve Bank [of Australia] is definitely keeping an eye on."

March 2011 recently saw the unemployment rate in Australia drop to 4.9 per cent, with 592,900 jobless, compared to 11.457 million in employment, research from the Australian Bureau of Statistics found.

Posted by Sarah Dixon