Australia Sees Job Openings Plummet By 5.2% For 9th Consecutive Quarter

Job openings in Australia recorded a sharp drop by 5.2% for the ninth successive quarter in the three months to August-end across industries, Australian Bureau of Statistics (ABS) data revealed on Thursday.

The latest data showed a 5.2% decrease in August compared to May, when it fell by 3.5% from the previous quarter, as the demand for labor slowed down, Reuters reported

The openings fell by 17.1% from 2023 at a seasonally adjusted 329,900, which was the lowest drop since August 2021. However, the rate was 45.1% higher than the period before the pandemic struck.

In August, job vacancies in the private sector were 294,100 and the public sector had 35,800, which was a decline by 4.9% and 7.5%, respectively. The highest rise in openings were felt in transport, postal and warehousing with 14.9%.

Out of the 18 industries, 11 were the most hit with accommodation and food services, and manufacturing sectors recording the largest drop.

According to David Taylor, ABS head of labor statistics: "While the number of job vacancies has fallen over the past two years, they remain 45.1% higher, or 102,000 more, than before the COVID-19 pandemic. Vacancies were still more than double pre-pandemic levels in some industries, most notably in Arts and recreation services, and Accommodation and food services."

The decline in jobs was visible across all states and territories. The largest decreases were seen in South Australia by 9.0% and the Northern Territory by 6.4%, with only Queensland recording an increase at 0.9%.

The drop resulted in job openings falling 30% below the highest point. The number of workers per job opening increased to 1.9 from 1.7, though it was still below the pre-Covid ratio of 3 workers for each job.

The change was attributed partially to vacancies getting filled, as official data showed employment rose by 143,000 in the three months before August.