According to latest data published by ANZ Bank, Australian job ads grew by a record 44.2% in November 2021, in comparison to pre-pandemic levels. Month-on-month, the job ads grew 7.4% as restrictions eased further after the lockdowns were lifted in October, the data revealed.
While national employment fell in October against expectations of a rise, the bank noted that this latest job ads data signals a strong rebound is imminent. Reportedly, the total number of job ads reached 222,093 in November.
Commenting on the buzzing job market, ANZ Senior Economist, Catherine Birch said, “This reflects the robust recovery in New South Wales, Victoria and the Australian Capital Territory restrictions eased, with newly lodged job ads up 16.9% in NSW, 15.2% in Victoria and 12.5% in the ACT in October, according to the National Skill Commission (NSC)."
She added, “ANZ Job Ads suggests the unemployment rate should drop back below 5% in the near term, and we expect it to fall to around 4% by the end of 2022 and even further in 2023.”
While the growth in job ads is a reassuring indicator of recovery, it will be crucial to fill the open roles at the earliest to boost economic growth and sustainability. How Australia does that amid unclear strategies to contain the new variant, revamping migration laws to be more worker-friendly and bridging the talent and skills gap remains to be seen.