Job vacancies have now fallen for five consecutive quarters, based on the latest data from the Australian Bureau of Statistics.
 
After vacancies peaked at a record-high 476,000 in May 2022, they fell quarter after quarter to 390,400 in August 2023.
 
Back in May 2022, there were also 548,100 unemployed people, or 1.15 for every 1 job vacancy. As of August 2023, there were 539,700 unemployed workers, or 1.38 for every 1 job vacancy.
So while the job market is still tight, the average employer should now be finding it slightly easier to retain workers and fill job openings.
 
The labour market is likely to keep loosening, according to forecasts from the OECD, a leading global intergovernmental organisation that focuses on economic development.
 
“Real GDP is projected to grow [from 2.7% in 2022] to 1.8% in 2023 and 1.4% in 2024. Tightening financial conditions and a weaker outlook for real incomes will weigh on growth. Labour market pressures will ease, with the unemployment rate rising to 4.6% by the end of 2024.”
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