Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Job situation worse than 90s recession

Staff Reporter 1 minute read

A sharp contraction in job demand could raise the case for further rate cuts when the Reserve Bank meets today.

Combined newspaper and internet job ads fell by a further 8.5 per cent in March to be 44.6 per cent lower than 12 months ago.

The index also showed newspaper ads are now down by 61 per cent since their peak in November 2007, approaching the 70 per cent peak-to-trough decline experienced over the 1990s recession.

But perhaps of greater concern is the rapid nature of the decline – just 16 months – compared to the 35 month slowdown recorded over the 90s.

Former boom state Queensland has already surpassed the 70 per cent decline in newspaper job ads while Western Australia isn’t far behind with newspaper job ads down 67 per cent since November 2007.

ANZ now forecasts unemployment levels to exceed 8 per cent next year.


Job situation worse than 90s recession
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

default

 

more from the adviser
Michael Russell MoneyQuest Brokerage head calls out ‘unacceptable’ turnaround delays

It is “unacceptable” that turnaround times in branches can be...

gentlmen handshake Ex-Time Home Loans director partners with AFG

The aggregator has partnered with former Time Home Loans director...

farmer ta 34% of farmers eyeing raised business investment

Roughly one-third of Australian farmers expect to increase their ...