For the first time on record, there are now more job openings than unemployed people to fill the vacant positions.
For the first time on record in Australia’s history, there are more job openings than unemployed people to fill the vacant positions.
The jobless rate has consistently fallen from 5.2 per cent in October 2021, to 3.9 per cent by May this year and 3.4 per cent in July, according to the Australian Bureau of Statistics.Employment as a share of the population is near a record high and the proportion of people in a job or looking for work is near a 100 year-high.
But digging deeper, pay is accelerating faster as employers compete harder to attract and retain staff. Adding in bonuses and commissions, private sector wages grew 3.3 per cent.Furthermore, of the workers who actually received a pay rise in the June quarter, the average increase was a healthy 3.8 per cent , the highest since the mining investment boom in 2012.
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