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Wednesday 8 May 2024

Job ads continued to cool in April

Job ads still normalising

Job advertisements fell by -5.7 per cent in New South Wales in April, by -4.1 per cent in Victoria, by -3.1 per cent in Queensland, and by -3.8 per cent in Western Australia, according to SEEK's latest monthly update.

There were also significant declines in South Australia, Tasmania, the NT, and the ACT. 

Of course, ads are falling back to earth from previously highly elevated levels. 

Source: SEEK

Over the past year job advertisements have dropped by more than -24 per cent in the two most heavily populated states of New South Wales and Victoria.

At the industry level job ads are down by a third in IT, and by a fifth in hospitality and tourism, retail, accounting, and administration and office support. 

Source: SEEK

While this isn't yet exactly a disaster, applications per job advertisement are naturally rocketing higher, and wages growth is evidently rolling over. 

As with the weak retail figures - which have been declining over the past year in volume terms - these figures are further evidence that the current policy settings are contractionary, and are generally doing their job (with no pun there intended). 

I've been over in Perth this week, and while house building is picking up, there are seemingly very few apartment projects moving ahead, while office vacancies are readily apparent.


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