Job market defies economic slowdown
Fresh figures released by the Australian Bureau of Statistics shows job vacancies were up 2.9 per cent in the three months until May with businesses looking to add a combined 339,4000 new workers.
The data shows job vacancies year-on-year were down just 9600 positions or 2.8 per cent, which is the slowest annual decline in two years.
The labour market is holding up despite quarterly economic data released at the start of June showing quarterly economic growth is slowing.
For the first three months until March, Australia only added 0.2 per cent in economic growth or an anemic 1.3 per cent for the 12-months. There is a huge number of employee shortages in the construction sector: NewsWire / David Geraghty Credit: News Corp Australia
Senior Economist Terry Rawnsley said Thursday's figures show a boost in job vacancies and strong growth across critical age groups, highlighting Australia's resilient labour market.
'It is encouraging to see the private sector beginning to rebound, with vacancies increasing by 3.2 per cent from February 2025 to a total of 301,900,' Mr Rawnsley said.
'Meanwhile, public sector vacancies rose by a much smaller 0.6 per cent over the same period, reaching 37,500.'
Job vacancies increase in eight of the 18 industries measured by the ABS with a jump in construction and professional services leading the rises in businesses looking for staff. ABS breakdown of the 18 industries they measure. Picture Supplied. Credit: Supplied
The biggest falls were in wholesale trade and electricity, gas, water and waste services.
ABS head of labour statistics Sean Crick said the jump in job vacancies in May followed a fall in the three months to February 2025.
'The rise in job vacancies was driven by industries with a high proportion of skilled workers, including professional, scientific and technical services, and construction,' he said.
'Over the year, the number of unemployed people for each job vacancy grew from 1.7 to 1.8. This is well below the pre-pandemic level of 3.1 in February 2020, indicating there is still high labour demand.'
Mr Rawnsely said importantly 35 to 44 year olds were driving the jobs growth.
'This group contributed over one-third of the jobs added over the past year, making it the backbone of workforce expansion,' he said.
'These workers are often balancing family and financial commitments, with rising living costs encouraging more participation, particularly among women.'
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