Job market defies economic slowdown
Australian businesses are still trying to hire more workers, a welcome sign the labour market is holding up despite economic pressures.
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.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Age
8 minutes ago
- The Age
Chalmers sues China-linked companies over crucial military minerals
Treasurer Jim Chalmers has launched an unprecedented lawsuit against China-linked interests to force them to sell their stake in an Australian rare earths miner, whose products are crucial to warplanes, missiles and submarines. The lawsuit, filed in the Federal Court on Thursday against foreign investors in Northern Minerals, is also seeking financial penalties for allegedly refusing to obey Chalmers' direction to sell out of the company last year. The Australian-listed company is developing the Browns Range heavy rare earths project in remote northern Western Australia, which could be one of the first non-Chinese sources of the minerals used in military guidance systems, wind turbines and electric vehicles. Chalmers' court action against an entity called Indian Ocean International Shipping and Service Company Ltd and a former associate follows his order last year for five Chinese-linked groups to sell their shares in Northern Minerals to unconnected buyers by September. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said in a statement. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' China's control of rare earths and critical products is an escalating cause of concern to the United States and countries like Australia, after Donald Trump's trade war prompted Beijing to restrict shipments of the materials. It has made similar moves before, including against Japan in 2010 during a territorial dispute. China controls nearly all of the world's heavy rare earth production and Australian Strategic Policy Institute senior fellow Ian Satchwell said the global superpower's interests were seeking to exert influence over Northern Minerals. 'Australia, with like-minded partner nations, is seeking to build alternative supply chains for rare earths and other critical minerals, and the Northern Minerals shenanigans are a very obvious example of China-linked bad faith investing to allegedly seek to disrupt those efforts,' Satchwell said. 'In Australia's case those rare earths are used for things such as F35 fighters, missiles attached to them and in the future, nuclear-powered submarines.'
Sydney Morning Herald
8 minutes ago
- Sydney Morning Herald
Chalmers sues China-linked companies over crucial military minerals
Treasurer Jim Chalmers has launched an unprecedented lawsuit against China-linked interests to force them to sell their stake in an Australian rare earths miner, whose products are crucial to warplanes, missiles and submarines. The lawsuit, filed in the Federal Court on Thursday against foreign investors in Northern Minerals, is also seeking financial penalties for allegedly refusing to obey Chalmers' direction to sell out of the company last year. The Australian-listed company is developing the Browns Range heavy rare earths project in remote northern Western Australia, which could be one of the first non-Chinese sources of the minerals used in military guidance systems, wind turbines and electric vehicles. Chalmers' court action against an entity called Indian Ocean International Shipping and Service Company Ltd and a former associate follows his order last year for five Chinese-linked groups to sell their shares in Northern Minerals to unconnected buyers by September. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said in a statement. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' China's control of rare earths and critical products is an escalating cause of concern to the United States and countries like Australia, after Donald Trump's trade war prompted Beijing to restrict shipments of the materials. It has made similar moves before, including against Japan in 2010 during a territorial dispute. China controls nearly all of the world's heavy rare earth production and Australian Strategic Policy Institute senior fellow Ian Satchwell said the global superpower's interests were seeking to exert influence over Northern Minerals. 'Australia, with like-minded partner nations, is seeking to build alternative supply chains for rare earths and other critical minerals, and the Northern Minerals shenanigans are a very obvious example of China-linked bad faith investing to allegedly seek to disrupt those efforts,' Satchwell said. 'In Australia's case those rare earths are used for things such as F35 fighters, missiles attached to them and in the future, nuclear-powered submarines.'
Sky News AU
22 minutes ago
- Sky News AU
Brett Lee's Sydney Beer Co saved from liquidation after creditors accept lifeline following months in administration
Former Australian fast bowler Brett Lee's collapsed beer company has been thrown a lifeline after creditors backed a rescue deal. Sydney Beer Co collapsed in March this year after failing to successfully trade, according to documents filed to the Australian Securities and Investments Commission. Being founded in 2016, the lager was distributed to 350 venues nationwide and sold in independent bottle stores, Dan Murphy's and BWS. Lee, who claimed 310 wickets in 76 Test matches, was listed as a co-owner in 2022 along with Australian actor and writer Matt Nable. New documents revealed administrators put total liabilities of the business at an estimated $8.5m, threatening the business into liquidation. Sydney Beer Co's administrators, Brett Lord and Richard Stone of RSM Australia, said the company could not continue due to a negative cashflow. All 11 staff members were sacked as $1.1m was owed to the tax office, $6.2m in loans to the company's parent company SBCO Op and $642,540 owed to 47 trade creditors. Employees were listed as being owed over $460,000 including $226,222 in wages, $134,028 in superannuation and $46,348 in annual leave. The company aspired to expand into the United States from a $6m capital raise, despite figures showing trading losses for four years prior to going into administration. Financial records showed gross profit spiralling from $474,045 in FY2021 to $123,781 March 2025. Mr Lord told The Daily Telegraph the company sought further capital investment to continue trading but was unsuccessful. 'With funding from SBCO Op the company implemented a revenue growth drive during FY23 and onward,' he said. 'Whilst revenues increased from this date forward, increases were insufficient to meet the additional costs of sales and operating expenses to achieve those revenues.' SBCO Op submitted a lifeline deal to creditors where employees got paid out in full and unsecured creditors received between 21c to 100c on the dollar. Administrators suggested the creditors to take the deal, or else unsecured creditors would likely get back 0c to 5c on the dollar if Sydney Beer Co was tipped into liquidation. The money paid to creditors will come from an estimated $1.1m of company assets and a cash lump sum paid by SBCO Op of a minimum of $1m, upwards of $1.5m. Control of Sydney Beer Co has been returned to the directors. Their website has since been taken down and the product can't be purchased from retailers.
