Australian Economy

More bad omens for Australian unemployment and wages

Leith van Onselen
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On Monday, Seek released data showing that the number of applicants per job ad is running around 60% above pre-pandemic levels, pointing to much higher unemployment:

Unemployment rate versus job applications

Justin Fabo from Antipodean Macro has created another version of the above chart, which plots Seek’s applicants per job ad data against the number of unemployed:

Seek unemployment and job applications
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As you can see, it tells much the same story and points to significantly higher unemployment ahead.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.