{"id":12454,"date":"2023-03-29T02:08:00","date_gmt":"2023-03-28T15:08:00","guid":{"rendered":"https:\/\/www.hiringlab.org\/au\/?p=12454"},"modified":"2024-06-08T10:05:34","modified_gmt":"2024-06-08T00:05:34","slug":"march-australian-labour-market-update","status":"publish","type":"post","link":"https:\/\/www.hiringlab.org\/au\/blog\/2023\/03\/29\/march-australian-labour-market-update\/","title":{"rendered":"March 2023 Australian Labour Market Update: Labour Demand Continues to Cool"},"content":{"rendered":"\n<p><strong>Key Points<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Australian job postings fell a further 5.9% in February and are down 17% since the end of last year.<\/li>\n\n\n\n<li>Postings in almost every occupational category have fallen over the past three months, with postings in 70% of occupations down 10% or more.&nbsp;<\/li>\n\n\n\n<li>Australia\u2019s job vacancy rate remains elevated at 2.8%, twice its pre-pandemic average, with the vacancy rate for mining and accommodation &amp; food services 4.5% and 3.9%, respectively.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>While the overall demand for workers remains strong, easily exceeding pre-pandemic conditions, there are clear signs that Australian labour market conditions are cooling.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Australian job postings continue to fall<\/strong><\/h2>\n\n\n\n<p>Australian job postings on Indeed fell 5.9% in February compared to a month earlier, leaving postings 1.9% lower than February 2022 and down 17% since the end of last year. Nevertheless, labour demand remains strong, with Australian postings still more than twice as high as they were prior to the pandemic.&nbsp;<\/p>\n\n\n\n<p>We expect posting levels to decline further this year due to an increasingly challenging economic environment. High inflation and rising interest rates are likely to weigh on job creation as businesses become more concerned about the outlook for their operations and the broader economy.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/XxlTNItOsZosHhcaNY1kjutf7AxVg7RTxCbjgWMqXMAWalmAX9j_pk5t9BhPzDkDIg7iUD5Z5_P1x-xrmgAyq_6jK1HkLdSQ_igtfeA5AA1dZymd_XmWvfOOlBFlt_08PrFCxA1MYhVrQIkJrcGCI-8\" alt=\"Line graph titled \u201cAustralian job postings on Indeed.\u201d With a vertical axis ranging from 0 to 250, the index equals 100 on February 1, 2020.\" \/><figcaption class=\"wp-element-caption\"><em>Line graph titled \u201cAustralian job postings on Indeed.\u201d With a vertical axis ranging from 0 to 250, the index equals 100 on February 1, 2020. On February 28, job postings were down 5.9% compared to a month earlier and 1.9% lower than a year ago.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<p>The decline in postings during February was broad-based across Australian states. Tasmania led the way, down 16.5%, followed by a 7.6% fall in Western Australia. The biggest contributors to the overall national decline came from the larger states of New South Wales and Victoria, where postings fell by 6.8% and 5.6%, respectively.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Postings falling across almost every occupational category<\/strong><\/h2>\n\n\n\n<p>Over the past three months, postings in almost every occupational category have declined, with 70% of occupations falling by at least 10%.&nbsp;<\/p>\n\n\n\n<p>Since the end of November, postings for just two occupational groups \u2014 veterinary and agriculture \u2014 have increased. Postings for roles in sectors including hospitality &amp; tourism, scientific research and a range of engineering roles have shown only modest declines.&nbsp;<\/p>\n\n\n\n<p>Postings for retail positions have declined 28% over the past three months, partly reflecting the post-Christmas period but perhaps also an expectation that retail conditions could sour as the economy slows. Australia\u2019s household sector is navigating a combination of high inflation, rising interest rates and falling wealth which is expected to weigh heavily upon household spending this year.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/e2GqcJ2yf_Y5_suEQTAXJpXLGlJ6d4erBPcI6wL6Zbght0AxBaIdBOZFcohx_8lRSt62BbViIOe0KdYK4DNF5114CVoAOL_PLu5Y4EuS-T60sYZ-KORHUXEw_tAMsP_z8dc5-ReadqAUu_Rbbe4Zqjw\" alt=\"Table titled \u201cChange in Australian job postings\u201d. Indeed compared the percent change in AU job postings between November 30, 2022, and February 28, 2023 across various occupational categories.\" \/><figcaption class=\"wp-element-caption\"><em>Table titled \u201cChange in Australian job postings.\u201d Indeed compared the percent change in AU job postings between November 30, 2022, and February 28, 2023 across various occupational categories. Veterinary and agriculture&nbsp;occupations were the only ones where postings increased over the past three months.&nbsp;<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Spotlights: Australia\u2019s job vacancy rate still skyhigh<\/strong><\/h2>\n\n\n\n<p>In the December quarter, 2.8% of Australian jobs nationwide were vacant, around twice the \u201cnormal\u201d rate in the decade prior to the pandemic. The job vacancy rate has declined from its peak and, based on Indeed\u2019s more timely data, is likely to decline further during the March quarter.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/bjjz8xw9FoWAA1DLOBPI4GoIuIbJMSTTpwkiZf8MTpQ77GAiwaUvMqnhOEOjywp19vTwUrZAmLXufOih3iogp5LQGkcv8vBEvdgUr-vkPaGQzyhPc8Oe-tOE2FpQRMsNOAm9k3L-GynVh9JkuvRcZQA\" alt=\"Line graph titled \u201cAustralian job vacancy rate.\u201d With a vertical axis ranging from 0 to 4%, Australia\u2019s job vacancy rate was 2.8% in the December quarter, around twice its average rate from 2010 to 2019.\" \/><figcaption class=\"wp-element-caption\"><em>Line graph titled \u201cAustralian job vacancy rate.\u201d With a vertical axis ranging from 0 to 4%, Australia\u2019s job vacancy rate was 2.8% in the December quarter, around twice its average rate from 2010 to 2019.<\/em><\/figcaption><\/figure>\n\n\n\n<p>The vacancy rate in mining and accommodation &amp; food services \u2013 the two industries with the consistently highest vacancy rates over the past year \u2013&nbsp; is 4.5% and 3.9%, respectively. Public administration &amp; safety and administrative &amp; support services were not far behind.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/Vn0Kz1J-dOLUtSYGlzpglM6Fr6TBwujXQao8KHJp7KBUABX07Ll55xCAg7PqE3Jbx79yt75UqGFQes-jG9OkfDq86ksXKXXNT3-dHkXnUdqznH0CNRy6orV7_-_g2ipIhpMztetqkAX9XaY6HyMbfqo\" alt=\"Bar graph titled \u201cAustralian job vacancy rate by industry.\u201d With a horizontal axis ranging from 0 to 5%, Australia\u2019s job vacancy rate was highest in mining and accommodation &amp; food services in the December quarter.\" \/><figcaption class=\"wp-element-caption\"><em>Bar graph titled \u201cAustralian job vacancy rate by industry.\u201d With a horizontal axis ranging from 0 to 5%, Australia\u2019s job vacancy rate was highest in mining and accommodation &amp; food services in the December quarter.<\/em><\/figcaption><\/figure>\n\n\n\n<p>The Australian labour market finds itself at an interesting juncture. Job postings have fallen considerably from their peak, with postings for almost every occupational category lower now than three months ago, but that hasn\u2019t yet translated into higher unemployment. By any reasonable measure, Australia is still in a jobs boom, with plentiful though somewhat reduced opportunities.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Methodology<\/strong><\/h3>\n\n\n\n<p><em>All posting figures in this blog post are derived from seasonally adjusted job postings. We seasonally adjust each series based on historical patterns in 2017, 2018 and 2019. Each series, including the national trend, occupational sectors and sub-national geographics is seasonally adjusted separately. We adopted this methodology in January 2021.<\/em><\/p>\n\n\n\n<p><em>The national and regional analysis is based on the percentage change in job postings on Indeed\u2019s Australia site since February 1, 2020, our pre-pandemic baseline.&nbsp;<\/em><\/p>\n\n\n\n<p><em>The number of job postings on Indeed.com, whether related to paid or unpaid job solicitations, is not indicative of potential revenue or earnings of Indeed, which comprises a significant percentage of the HR Technology segment of its parent company, Recruit Holdings Co., Ltd. Job posting numbers are provided for information purposes only and should not be viewed as an indicator of performance of Indeed or Recruit. Please refer to the Recruit Holdings investor relations website and regulatory filings in Japan for more detailed information on revenue generation by Recruit\u2019s HR Technology segment.<\/em><br><em>The data from the Australian Bureau of Statistics comes from the <\/em><a href=\"https:\/\/www.abs.gov.au\/statistics\/labour\/labour-accounts\/labour-account-australia\/latest-release\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Labour Account<\/em><\/a><em> report.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the Australian labour market remains historically tight, there are signs that labour demand is starting to cool after job postings fell for a second consecutive month.<\/p>\n","protected":false},"author":103,"featured_media":12400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"recruiter-hub-blocks.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"post_mwm_category":[224],"post_topic":[],"post_content_type":[],"post_duration":[],"post_actions":[],"post_franchise":[],"post_mwm_author":[182],"class_list":["post-12454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","post_mwm_category-state-of-the-labour-market","post_mwm_author-cpickering"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>March 2023 Australian Labour Market Update: Labour Demand Continues to Cool - Indeed Hiring Lab Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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