Applications per job ad higher than ever on SEEK as Aussies get second jobs, re-enter workforce
The latest data from SEEK released on Friday shows applications per job ad are now at the highest level on record — even higher than the previous record set during the Covid pandemic in 2020 when job ads were at their lowest.
The seasonally adjusted data found applications per job ad increased 2.1 per cent in May compared to the previous month, and were up 16.4 per cent compared to the same time last year.
SEEK senior economist Dr Blair Chapman said the new record was due to an increased candidate pool rather than candidates applying for more roles.
'Over the past couple of years more Australians have taken on a second job, or are looking to do so, and more workers have entered or re-entered the workforce,' Dr Chapman said.
'This is likely in response to increased living costs, and as a result, competition is extremely strong for most available roles.'
Job ads fell 5.3 per cent in June compared to the same period last year.
'With the year-on-year decline in ad volume hovering around 5.5 per cent over the past quarter, this is the most stable job ads have been for some time,' Dr Chapman noted.
In June, the Northern Territory was the only state or territory to record month-on-month job ad growth (up 3.7 per cent).
The ACT recorded the largest month-on-month drop in job ads (down 7.8 per cent), attributed to falling demand for workers in the 'information & communication technology' category and 'healthcare & medical' category, as well as other industries. The ACT also recorded the largest annual decline, down 22.7 per cent.
Ad volumes for 'information & communication technology' are at the lowest on record nationally, falling below Covid levels.
It was the construction sector that month-on-month recorded the most increased demand for workers across the country.
As for the salaries being advertised for available jobs, Dr Chapman said both annual and monthly growth was at its slowest since 2021.
However, he added: 'The annual growth in average advertised salaries is still outpacing the growth in prices.
'Combined with recent cuts in mortgage rates, existing borrowers who have switched jobs should be able to purchase more goods and services, save more, or pay down their mortgage faster.
'The increase in the National Minimum Wage and modern award wage rates of 3.5 per cent from July 1 should support advertised salary growth in the near term.'
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