Unemployment set to keep falling
This is good, and suggests that the unemployment rate can and will keep falling to below 6 per cent, if historic trends persist.
At just shy of 175,000 on a seasonally adjusted basis, job advertisements are now 13 per cent higher than they were at the onset of the COVID-19 pandemic.
It's not beyond the realms of possibility that total employed could hit a record high of above 13 million within a few short months, despite the slack in the labour force and reduction in hours worked.
As ANZ pointed out in its release, however, there are still 878,000 unemployed persons and 1.37 million on JobKeeper support, so we're far from out of the woods yet.
