Growth attributed to more people entering workforce, taking on second jobs
Applications per job ad climbed to its highest level on record in May, as job ads continue to decline across Australia, according to SEEK.
Its latest employment report showed that applications per job ad went up by 2.1% month-on-month and were 16.4% higher year-on-year.
"Applications per job ad have never been higher, and have now surpassed the peak recorded in 2020 when job ads were at their lowest," said Dr. Blair Chapman, SEEK Senior Economist, in a statement.
"This rise is due to an increased candidate pool, rather than candidates applying for more roles."
According to Chapman, more workers have entered or re-entered the workforce, while there are others who have taken on a second job.
"This is likely in response to increased living costs, and as a result, competition is extremely strong for most available roles," he said.
Most states and the Australian Capital Territory saw an increase in applications, the report noted. The highest increases were recorded in:
- Western Australia (4%)
- South Australia (3%)
- Queensland (3%)
Job openings decline
But as applications hit a record-high, job openings across the country declined in June, according to the SEEK report.
Job ads across the country went down 0.7% month-on-month and 5.3% year-on-year.
"With the year-on-year decline in ad volume hovering around 5.5% over the past quarter, this is the most stable job ads have been for some time," Chapman said.
Industries that saw the biggest drops in job ads include Consulting and Strategy (-11.8%), Government and Defence (-8.5%), and Design and Architecture (-5.0%).
HR and recruitment job ads also went down 4.2% from the previous month, according to the report.
Industries that logged an increase in job ads include Construction (3.8%), Marketing and Communications (3.4%), as well as Accounting (2.1%).
By state and territory, the biggest drop in job ads was recorded in the Australian Capital Territory, with a 7.8% monthly decline and 22.7% yearly decrease.
SEEK said it recorded a double-digit decline in job ads in some of its largest industries, such as Government and Defence (-11.7%), as well as Health and Medical (-11.3%).
