Australia is on fire as jobs opening continue to rise — and this time it has reached record high levels, Business Insider Australia reported. Data from the Australian Bureau of Statistics (ABS) revealed an increase of 4.6 per cent to 234,200 in trend terms within three months to May. With this, the increase is a year early with a whopping 21.4 per cent. Business Insider Australia said this is the fastest percentage terms since early 2011.
Looking at private sectors, job vacancies increased by 4.8% over the quarter to 214,000. Meanwhile, public sector vacancies also grew, but smaller if compared to private sectors, with 2.9 per cent to 20,100 over the same period. Together, both sectors grew, with 23 per cent for the private sectors and 6.7 per cent for the public sectors.
Currently, the ratio of unemployed Aussies and job vacancies are said to be the lowest since 2011. This goes to show that there are only a few unemployed workers per job opening. The ABS used the data from their survey that had approximately 5,400 employers, selected from the ABS Business Register.
Even though the figures from the ABS provide strong evidence of increases, this doesn’t mean there will be an increase in wages. Callam Pickering, APAC Economist at jobs specialist Indeed, noted that it won’t become a herald in the increase in wage growth for the short-to-medium term.
“With vacancies continuing to rise these small pockets of tightness will hopefully become larger, encouraging businesses to offer higher wages and sweeter deals to job seekers,” he says.
“Nevertheless, the path towards higher wages will be slow and we don’t anticipate a rapid improvement this year.”
With this strong data, there are a lot of people who have a higher chance of getting chance compared to the previous years. This can help in business brokers victoria, business sellers, and business buyers find the fit employers for the business being listed.