Deloitte Access Economics has released its weekly economic briefing, which notes that the “Australian labour market is in a period of heightened mismatch”, which will be alleviated by the return of temporary visa holders, which departed Australia in large numbers are the beginning of the pandemic (see next chart).
According to Deloitte:
Despite the recent lockdowns, there… remains unmet labour demand in many sectors. The Beveridge curve (which captures the average historical relationship between the unemployment rate and vacancy rate) suggests that the Australian labour market is in a period of heightened mismatch (Chart 1).
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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.
