“The collapse of international financial institutions is unlikely to have a marked effect on the Australian IT industry,” said Andrew McCarroll, Joint CEO of 3W Consulting Contracting & Recruitment Pty Ltd.

Negative sentiments expressed by some recruiters and analysts are largely unfounded according to McCarroll, who cited the recent restructuring programmes that have taken place within organisations such as ANZ and NAB and a number of government projects (expected to kick off in early 2009), which will boost recruitment opportunities.

McCarroll also pointed to the 2007-08 Australian Computer Society Remuneration Survey results, which reflected a positive sentiment among employers regarding the perceived value of ICT professionals. The survey predicted that employers would be prepared to continue to pay well for IT skills in the foreseeable future.

“The scarcity of skills that pervades the industry means that anyone who has demonstrable IT skills, training and experience should have no problems finding employment,” he said.

He added that a change in the attitudes of ICT industry players (including financial institutions) since the 2001 “tech-wreck”, meant that IT projects were no longer regarded as expendable, but as critical business functions and would therefore be given preference over other projects, even in difficult times.

“While permanent recruitment has slowed a little, the current recruitment rates were only slightly lower than last year,” McCarroll explained. “No major drop-off has occurred and we are expecting an improvement in the market early in the New Year.”