Australia’s unemployment rate has remained stable at 4.1% for the third consecutive month, according to the latest data released today from the Australian Bureau of Statistics, while the economy added just under 16,000 new jobs last month. Recruitment specialists Robert Walters Australia suggest these new trends emerging in hiring patterns and candidate applications could be early signs of a potential shift in the job market. Also, for the first time in over two years, applications per job ad fell by 0.9% month-on-month, indicating a shift in the labour market dynamics.
Kry Findings:
- Australia’s unemployment rate remains stable at 4.1% for the third consecutive month
- For the first time in over two years, applications per job ad fell by 0.9% month-on-month
- 76% of companies are actively planning to hire in the next 6-12 months
- 50% of businesses already in the process of hiring
Shay Peters, CEO of Robert Walters Australia said, “A stable unemployment rate indicates that the number of people joining the workforce is roughly in line with the number of available jobs. Although it doesn’t mean there are no shifts in individual employment, it reflects overall stability in the job market, suggesting that the number of job seekers and job opportunities are well-matched—offering a glimmer of hope for those searching for work.”
Recent research by Robert Walters supports this emerging trend. A survey of over 2,000 white collar businesses across the country revealed that 76% of companies are actively planning to hire in the next 6-12 months. With 50% of these businesses already in the process of hiring, underlining the ongoing demand for talent despite the broader macroeconomic conditions.
The study also uncovered a shift in the balance between job seekers and available roles. While 58% of employees in Australia are actively looking for new opportunities, the number of companies seeking to hire now slightly surpasses the pool of candidates considering a move. This marks a shift toward a more candidate-driven market, reversing the trend of recent years when the number of job seekers outpaced job openings.
Peters said, “For a long time now, the job market has been extremely candidate-heavy, with a significant amount of highly qualified and experienced individuals competing for fewer roles. But these new figures could be early signs that the job market is slowly shifting.”
He further explained, “While hiring managers may have previously been the ones dictating terms, we could see candidates increasingly take the reins. This could include more demands for things like higher salaries and flexibility. This power shift could make way for a significant change in workplace expectations and desires.”
This evolving landscape presents both opportunities and challenges for employers and job seekers alike as they navigate the changing labour market, nonetheless job seekers across the country are hopeful for this change.
