Labour market starts to turn as economy weakens.
In Australia, the labour market remains remarkably strong in light of all the forces working to restrain economic activity – but there are clear signs that conditions are starting to turn.
The unemployment rate has clearly bottomed at a near 48-year low of 3.5% and has started to edge higher – currently at around 3.6%. Still remarkably low, but inevitably moving higher as broader economic conditions weaken.
Wages are growing, but not excessively given the underlying strength of labour demand and the extent of skills shortages in some sectors.
This report uncovers what’s happening across Australia, looking at how the workforce has been impacted, the challenges employers face in the current landscape and trends in national recruitment activity.
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