The job market has improved from an employer’s perspective, but it’s still challenging to find good staff, based on the latest data from the Australian Bureau of Statistics.
In December, the unemployment rate was just 3.5%, the same as the previous month, although the number of unemployed workers edged up slightly, from 492,600 to 494,200.
Meanwhile, the number of job vacancies fell from 466,900 in the August quarter to 444,200 in the November quarter.
This means there are now more workers chasing fewer jobs, making recruitment easier. However, there’s still only 1.1 unemployed people for every 1 vacant job, which is a very low ratio.
NT & WA businesses crying out for staff
In the November quarter, 27.7% of businesses reported vacancies, although conditions varied from state to state:
- Northern Territory = 35.6%
- Western Australia = 29.4%
- Victoria = 29.2%
- Queensland = 28.3%
- New South Wales = 28.0%
- Tasmania = 22.0%
- South Australia = 18.4%
- ACT = 13.7%
Job vacancies have soared in the past three years
If it feels like the job market has tightened significantly since just before the pandemic – you’re right.
Back in the February 2020 quarter, only 11.0% of businesses reported vacancies. Amazingly, between then and November 2022, job vacancies increased in every single industry monitored by the Australian Bureau of Statistics:
- Arts & recreation services = 289% increase in job vacancies
- Accommodation & food services = 282%
- Rental, hiring & real estate services = 193%
- Retail trade = 164%
- Public administration & safety = 126%
- Electricity, gas, water & waste services = 112%
- Manufacturing = 112%
- Health care & social assistance = 111%
- Transport, postal & warehousing = 105%
- Other services = 91%
- Construction = 80%
- Professional, scientific & technical services = 55%
- Mining = 50%
- Education & training = 43%
- Financial & insurance services = 41%
- Administrative & support services = 32%
- Wholesale trade = 31%
- Information media & telecommunications = 25%
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