Newspapers and online job ads rose sharply in June, but labour market fundamentals still appear to remain weak, according to ANZ`s (ANZ) report. Job ads rose 4.6 percent in June, reversing declines caused by the Easter holiday in April and disruptions caused by federal elections in May, according to statistics released Monday by the bank.
While job ads rose by the biggest in 18 months in June, Prac (David Plank), head of economic at ANZ, said they had recovered only partly from the May crash of more than 8 percent. He also said the impact of the holiday effect at the end of April and the subsequent federal election were the main reasons for the collapse in job ads in May. June job advertising rebound, can be seen as getting rid of the impact of these two factors. But the overall trend still points down.
"it points to slowing employment growth and rising unemployment."
"it is confirmed by actual employment figures, so the Reserve Bank of Australia is likely to be ready to cut cash interest rates further."
It is understood that the national unemployment rate remained unchanged at 5.2% in May after rising unexpectedly in April. The Reserve Bank cut interest rates to a record low of 1 per cent last week in an effort to stimulate economic and job growth. In addition, weak inflation, the housing market is still falling, consumer spending is hampering economic growth in Australia, local economic teachers generally expect the central bank to cut interest rates by 0.25 percent in the pre-Christmas quarter this year, reducing official interest rates to 0.75 percent.
Meanwhile, Australia`s Bureau of Statistics (ABS) figures released yesterday showed that in February 2019, 1.1 million underemployed part-time workers in Australia were actively looking for other longer hours of work. About half of underemployed people have been working part-time for more than a year, and 16.8 percent of them are willing to move to other states to get a full-time job.
Bureau of Statistics said that underemployed persons doubled about the past decade, to 500,000 in February 2008.
