💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Australia job vacancies dip from record highs in Aug quarter

Published 09/28/2022, 10:44 PM
Updated 09/28/2022, 10:46 PM
© Reuters. FILE PHOTO: A man uses his phone to record a job add posted on a notice board at a backpacker hostel in Sydney, Australia, May 9, 2016. REUTERS/Steven Saphore

SYDNEY (Reuters) - Job vacancies in Australia eased from all-time highs in the August quarter as positions were filled in the private sector, but openings remained more than double pre-pandemic levels and almost matched the number of unemployed.

Figures from the Australian Bureau of Statistics (ABS) out on Thursday showed vacancies in the three months to August fell 2.1%, from the previous quarter, to 470,900.

That was still 40.8% higher than the same period last year, when pandemic lockdowns were widespread.

Hiring has beaten all forecasts this year to drive the jobless rate down near its lowest in almost 50 years at 3.5%.

"There were a similar number of unemployed people (488,000) to job vacancies (471,000) in August 2022, compared with three times as many unemployed people to vacancies before the start of the pandemic," Lauren Ford, ABS head of labour statistics.

The strength of the labour market is one reason the Reserve Bank of Australia (RBA) has raised interest rates five times since May to 2.35%, and is considered likely to hike by another 50 basis points at its October policy meeting next week.

© Reuters. FILE PHOTO: A man uses his phone to record a job add posted on a notice board at a backpacker hostel in Sydney, Australia, May 9, 2016. REUTERS/Steven Saphore

Thursday's data showed vacancies in the private sector dipped 3.3% in the August quarter, unwinding some of a big 14% jump the quarter before. Public sector vacancies grew 10.5%.

The number of vacancies was highest in health and social assistance, followed by the accommodation and food sector, retail and scientific and professional sectors.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.