New data from ANZ-Indeed shows increases in NSW and Victoria, while Queensland is the 'biggest drag' in job creation
Australian job ads fell to their lowest level since March 2021 in May, according to the latest data from ANZ-Indeed.
Job ads went down 1.2% month-on-month, the second consecutive decline in job ads following a downwardly revised 0.3% dip in April.
According to ANZ-Indeed, job ads were also 5.8% lower year-on-year, but 13.6% higher than pre-pandemic levels.
"Although the ANZ-Indeed Australian Job Ads series has remained in a tight range of 114–117 over the last year, the May result is in the bottom of that range and marks the lowest level of job ads since March 2021," said ANZ Economist Aaron Luk in a statement.
Job ads went up in New South Wales and Victoria, but were offset by the weakness across the country, according to Indeed Senior Economist Callam Pickering.
"Queensland has been the biggest drag on job creation this year, after being one of the stronger markets last year," Pickering said in a statement.
By sector, job ads for management and project managers also subtracted most of the growth in May.
"Job Ads in education rose throughout May, but no sector has experienced a larger decline over the past year, reflecting sharp falls in Victoria, Tasmania and the ACT," Pickering said.
"Software development Job Ads also rose, reaching their highest level since October 2023."
Overall, Australia's labour market remains tight, according to Luk.
The country's employment growth surged in April while the unemployment rate stayed the same during the period.
"Employment rose 89k in April, but there has been volatility in the labour force survey data in recent months. Hours worked was flat in April and also declined in February and March," Luk said.
"Given the overall resilience in the Australian economy, we maintain our expectation that the cash rate will be cut by 25bp in August and again in Q1 2026."
