Job Vacancies in Australia Decline

SYDNEY (Reuters) – Job vacancies in Australia fell for a ninth straight quarter in the three months to the end of August, with declines spread across most industries as demand for labor cooled.

Figures from the Australian Bureau of Statistics (ABS) released on Thursday showed that vacancies dropped sharply by 5.2% from the previous three-month period, following a 3.5% decline.

Job openings were down 17.1% from a year earlier, with seasonally adjusted vacancies totaling 329,900, the lowest level since August 2021, although still 45% higher than before the COVID-19 pandemic.

Vacancies in the private sector decreased by 4.9%, while those in the public sector fell by 7.5%. Overall, vacancies declined in 11 of 18 industries, with the largest percentage decreases observed in accommodation and food services, and manufacturing.

This drop left current vacancies 30% below their peak, leading to an increase in workers per opening from 1.7 to 1.9, although this remains below pre-pandemic levels of 3:1.

The decrease in vacancies may be attributed to a rapid filling of openings, as official figures indicate an increase in employment by 143,000 in the three months to August. Additionally, the labor supply has been significantly augmented by a surge in skilled migrants and foreign students, alleviating a previously tight labor market.