Job vacancies have fallen to their lowest degree since September 2021 whereas the variety of individuals with a number of jobs has risen to a brand new excessive as tight labour market circumstances proceed to ease.
Job vacancies fell 5.6 per cent within the three months to the top of 2023 to a complete of 387,900 out there jobs, in keeping with the Australian Bureau of Statistics.
It takes the annual fall in job vacancies to 13.4 per cent. Asia Pacific economist at jobs web site Certainly, Callam Pickering, mentioned job vacancies have been easing, however the emptiness fee remained effectively above pre-pandemic ranges.
“Job vacancies proceed to ease, however Australia continues to create an unbelievable variety of job alternatives,” Pickering mentioned.
“Competitors for expertise stays fierce throughout the nation even with a substantial slowdown in financial development.”
Loading
Pickering mentioned many companies have been nonetheless struggling to recruit the proper expertise and expertise, and whereas the huge development in inhabitants has helped handle some shortages it had not but had a significant affect on total vacancies.
“Which may change in 2024 – since shifts in labour market circumstances sometimes lag shifts in financial exercise – however the labour market continues to be resilient. And that’s been necessary in serving to Australians take care of cost-of-living pressures and avoiding a recession,” Pickering mentioned.
In the meantime, the variety of individuals with two or extra jobs rose to 970,700, a document excessive.
ABS figures present that in December, 6.7 per cent of employed individuals had a number of jobs, and people aged 20-24 have been the probably to have at the very least two jobs.
Pickering mentioned, whereas the proportion of individuals with a number of jobs hadn’t moved a lot prior to now six months, it remained effectively above the historic 5 to six per cent vary that was widespread over the previous 20 years, and it was prone to rise additional this 12 months.
“Price-of-living pressures proceed to make issues troublesome for Australian households, creating the necessity for additional work to handle mortgages, rents, electrical energy and meals prices,” he mentioned.
“Folks will proceed to hunt extra hours, both in an current job or by way of a further job, to take care of these price pressures.”