The Great Resignation is over, if it ever was

ABS Labour mobility was out yesterday and shows the Great Resignation is well and truly over, if it ever was.

• the job mobility rate decreased to 7.7%
• younger workers were more mobile than older workers, with 12% of people aged 15 to 24 years changing jobs
• 2.2 million people left or lost a job
• The annual retrenchment rate was 1.9%

This is for the year to Februay 2024, so it is just the kind backwards looking that the RBA will put front and centre sarc.

Australia’s Great Resignation was more of a pimple than an eruption.

Such as it was, resignations have normalised.

Workers are staying longer in their dead-end jobs.

Unless they want to wipe arses.

The retrenchment rate was also normalising in Q1.

There is nothing here to worry anybody about wage push inflation.

On the contrary.