Sydney creates jobs
Job vacancies had declined for a 3rd consecutive quarter, from their May 2022 peak of 480,300 to 438,500 by February.
Many of these job vacancies are lower paying positions, accounting for the huge ramp up in immigration.
But still, it's equivalent to 3 per cent of the labour force, which is historically high number, albeit now declining.
The figures suggest that the cycle lows for the unemployment rate are now passing.
Tell you where has a LOT of jobs available: Sydney.
Record high immigration, just a 3 per cent state unemployment rate for New South Wales, and jobs vacancies tracking at around record highs of nearly 150,000 too.
No wonder everyone's pouring into Sydney...boom times!
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Markets have priced out any movement in interest rates in April, and the major banks CBA and Westpac are calling for a pause, with NAB also downgrading their cycle peak forecast for the cash rate target to 3.85 per cent.
