The Australian Bureau of Statistics (ABS) released data on June 29, 2023, indicating a 2% decline in job vacancies in Australia during the three months leading up to May. This marks the fourth consecutive quarter of decline.
Despite the decrease, the number of vacancies remained historically high, with a total of 431,600, representing an 89% increase compared to February 2020, before the pandemic.
Several factors contributed to the decline in job vacancies, as reported by the ABS. Firstly, rising interest rates have made borrowing money and hiring new staff more expensive for businesses.
Secondly, increasing inflation has put pressure on businesses’ profits, leading to more cautious spending practices. Lastly, the ongoing war in Ukraine has disrupted global supply chains, making it challenging for businesses to obtain necessary goods and services.
Despite the decrease in job vacancies, the labour market in Australia remained tight in May, with an unemployment rate of 3.9%, nearing its lowest level in 50 years.
Furthermore, the percentage of businesses reporting at least one vacancy increased by one point to 25%. These figures suggest that job seekers still have ample opportunities, although the competition for jobs is likely to be more intense than in recent months.
Businesses may also become more selective in their hiring practices to manage costs in the current economic environment.
For individuals seeking employment in Australia, it is crucial to be well-prepared. Keeping your resume up-to-date and establishing a strong online presence are important steps.
