Job vacancies tick up
While most states and territories are seeing job vacancies gradually revert lower from their pandemic highs, Victoria saw a bit of a jump back up from 76,000 to 82,000 over the three months to May 2025.
It appears that the increase was driven by the construction sector to support an expansion in infrastructure projects, with job vacancies rebounding from a recent nadir, as well as a rise in professional, science, and technology roles.
Victoria's rebound helped to drive a small increase in national job vacancies to 339,400, though total vacancies are still hovering around 3½ year lows.
Even today there are still only 1.9 unemployed persons per job vacancy, far below the pre-pandemic level of around 3.
That said, the rapidly expanding size of the labour force since the international borders reopened mean that the chronic tightness in the labour market has been gradually easing since late 2022, and the unemployment rate will most likely revert gradually higher from today's levels towards 4½ per cent or higher.
Overall, these were further robust figures for the jobs market, seemingly consistent with a soft landing or smooth transition.
Household wealth hits record
In other news, household wealth in Australia increased by 0.8 per cent in the March 2025 quarter to a new high of $17.3 trillion.
Approximately half of that wealth is tied up in the housing market.
With a population of 27½ million as at March 2025, this equates to a new record mean wealth per capita of around $630,000.
Or, with around 11.34 million households, this averages out to a mean household wealth of more than $1.5 million per household.
This is one of the reasons the housing market will likely perform well over the next couple of years, given the sheer depth of aggregate household wealth in Australia, driven by savings, equities, superannuation, and housing, all of which have hit new highs in 2025.
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