Job advertisements in Australia dropped for a fifth consecutive month in June as labor demand remains easing amid high interest rates and an economic slowdown. 

Job Ads in Australia Declined by 2.2%

According to data from Australia and New Zealand Banking Group (ANZ)  and employment website Indeed, job ads fell by 2.2% in June, following a revised 1.9% drop in May, Reuters reported.

The second quarter saw a 7.1% decline, compared to a 3.0% drop in the first quarter. Job advertisements in June were 17.6% lower than the same month last year but still 17.8% higher than pre-pandemic levels.

ANZ economist Madeline Dunk observed that the pace of job ad declines has intensified, reflecting broader labor market trends easing from strong starting points. Dunk added that a slight rise in the unemployment rate to 4.3% is expected.

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Reduced Labor Demand

The decline in job ads in June was mainly due to reduced demand for cleaners, food service workers, and tradespeople.

This softening labor market has led the Reserve Bank of Australia (RBA) to maintain interest rates at 4.35% for five consecutive meetings.

However, with inflation persisting, according to Reuters, the RBA is 65% likely to raise rates again in August. 

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