The Australian economy continues to go from strength to strength, with the number of total job advertisements increasing by 0.6 per cent in October.
According to the latest ANZ job advertisement series, monthly job advertisements are now 34.6 per cent higher than this time last year – just below the historic high of 40.2 per cent achieved in May 2007.
In addition, it is the sixth consecutive monthly rise in job advertisements.
ANZ’s head of Australian economics Ivan Colhoun said the medium-term outlook for labour demand remains positive.
“In particular, with economic growth expected to accelerate strongly in 2011-12, labour market conditions will remain generally favourable with the unemployment rate expected to push towards 4.75 per cent and wage pressures to lift modestly,” he said.
“While the RBA’s pre-emptive 25bp hike this month and the stronger Australian dollar should keep the central bank on the policy sidelines for the next few months, rising inflationary pressures are forecast to trigger further monetary tightening over 2011.”