SEEK Employment Trends Australia: job ads on the rise, 6 things you need to know
New job ads are on the rise. The number of jobs posted on SEEK in September was 12.4% higher than the corresponding month the previous year. At the same time, adverts are outstripping applications.
1. Month-on-month increases
New job ads continue to rise according to the SEEK's New Job Ad Index. The latest data recorded in the month to September saw the list of new ads rise 0.7% across SEEK’s platform. The seasonally adjusted, month-on-month figures to September built on August’s strong 3.4% rise.
2. It’s a candidates’ market
Job applications aren’t keeping pace with the rise in new ads and the SEEK Employment Index, a key indicator of the balance between the demand and supply of jobs, rose nationally for the second time in three months. The rise was driven by tightening labour market conditions in New South Wales, South Australia and Western Australia. This supports SEEK’s assessment that the unemployment rate has peaked.
The trend of new ads outstripping applications is most pronounced in New South Wales, where new job ads have been increasing faster than applications for four of the past five months. Likewise, both South Australia and Western Australia have experienced similar pressure over the past three months.
3. Five states surge ahead
According to the SEEK Employment Index, September saw New South Wales surge ahead in the new job stakes, recording its 10th rise in the past 11 months. New job ads for New South Wales are now sitting 16.1% higher than a year ago. Not far behind are Victoria, South Australia, Tasmania and the Australian Capital Territory, which have all shown significant, double-digit, year-on-year growth for new job ads.
4. Resource states languish
Job advertising has proved relatively weaker in Western Australia, Queensland and the Northern Territory thanks to those states' reliance on mining and resources. There are some gains evident nonetheless. Western Australia has outperformed Queensland with 9.7% growth year-on-year. Western Australia’s growth is boosted by strength in the Bunbury and south-west region, which recorded a 30% rise in new job ads.
“This is offsetting the weakness in the labour market prevalent in regions driven by mining, including Port Headland, Pilbara and Karratha,” says Joe Powell, Managing Director of SEEK.
Queensland recorded low double-digit recoveries in new job ads. The modest increase was driven by demand for labour in Brisbane, the Gold Coast, Sunshine Coast and Cairns. Areas in the sunshine state with a strong reliance on resources, such as Mackay and Gladstone, have experienced declines in new job ads of up to 20%.
5. Australia’s most wanted jobs
Top categories for the most in-demand job types include design and architecture roles, trades and services, and banking and financial services. Many of these in-demand jobs match with the Deloitte Growth 25 predictions for the Australian economy. The 'next wave', according to Deloitte, will be in the sectors of gas, agribusiness, tourism, international education and wealth management.
6. Part-time work stable
Surprise figures released by the Australian Bureau of Statistics in August recorded a surge in part-time employment. The ABS figures showed that part-time work had increased by 3.05% compared to 0.18% for full-time work.
SEEK’s analysts examined trends in job ads posted for part-time work and also for casual/vacation and contract/temp employment. Based on SEEK data, there was no noticeable increase in advertising for part-time work in the month to September. However, baby boomers and those in the professional occupations are increasingly seeking flexibility and work-life balance. Almost one-third of Australians work part-time hours. According to Roy Morgan research released at the beginning of October, 3.8 million Australians are employed part-time, which is the highest since July 2011. That is up 91,000 since September last year.
Watch Joe Powell, Managing Director of SEEK, provide an update on September’s results.