Job advertisements in Australia rose for a second consecutive month in October, suggesting signs of stabilisation in the Australian job market.
The ANZ-Indeed Australian Job Ads index climbed 0.3% in October, following an upwardly revised 2.3% gain in September.
Though the index remains 27.0% below its June 2022 peak, it is still 16.1% above pre-pandemic levels, indicating that hiring activity has retained some post-COVID momentum.
ANZ economist Madeline Dunk observed that the recent trend in job ads might signal a stabilisation after previous declines.
Over the past six months, employment growth has averaged 45,000 per month, with record-high participation rates and a relatively low unemployment rate holding steady at 4.1%.
A significant portion of employment strength is linked to growth in the care economy, with carers and aides showing the highest increase in employment over the past year.
Dunk attributes this trend to the expanding National Disability Insurance Scheme and Australia’s ageing population, noting “Given the ageing population and growth in the National Disability Insurance Scheme (NDIS), it’s likely we will see demand for workers in this sector continue to rise solidly.”
The October increase in job ads also reflects seasonal hiring, particularly in retail and food service roles as Christmas approaches. Customer service opportunities also saw a notable rise, indicating broader seasonal demand across the sector.