ANZ-Indeed jobs ads are interesting.
The ANZ-Indeed Australian Job Ads series edged lower from a revised 116.3 in June to 115.2 in July.
The series remains within a tight 114–117 range and has largely been tracking sideways since mid-2024.
The June labour force survey revealed some signs of labour market easing, with the unemployment rate unexpectedly risingto 4.3% in June, while employment saw a subdued increase of 2k.
As RBA Governor Bullock noted in her recent address to the Anika Foundation, “leading indicators are not pointing to further significant increases in the unemployment rate in the near term”, and we agree with this assessment.
Why would anybody listen to Bullock? She doesn’t make forecasts, and when she does, they are most often wrong.
In my opinion, job ads are being artificially inflated by the NDIS, which often shifts existing work from informal to formal settings.
As well, we have now reached the point where job creation is insufficient to offset immigration.
Thus, the number of unemployed people relative to job ads is hitting new lows.
Wages (and inflation) are set to keep weakening as we all pretend that immigration doesn’t exist.
