SEEK’s June jobs ads report revealed a 2.3% month-on-month decline with ads 22.1% lower year-on-year:
As shown above, job ads have fallen for 12 out of the past 13 months, according to SEEK.
Jobs and Skills Australia has now released the Internet Vacancy Index (IVI) for June – a monthly count of online job advertisements:
In seasonally adjusted terms, job advertisements decreased by 2.0% (or 5,600 job advertisements) in June 2023 to stand at 276,400.
Vacancies are now down 8.9% year-on-year.
The decline in job vacancies is occurring against record immigration and labour supply growth:
As shown above, CBA calculations based on the ABS’ labour force data shows that Australia needs to create over 35,000 jobs per month just to keep the unemployment rate stable.
This rapid labour supply growth has driven the number of applications per job ad above the great wages low-flation period pre-COVID, according to SEEK:
Running an excessive immigration program during an economic downturn is policy vandalism that will increase unemployment, stifle wage growth, tighten the rental market even further, and push thousands of Australians into homelessness.
Can someone sue the “Labor” Party and demand that it change its name? Because Albo’s Labor is the furthest thing from a workers’ party.
