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Australia Job Vacancies: Australia’s industry vacancies reached an all-time high in the May quarter. Companies in Australia are struggling to find employees amid a tight labor market. There were 480,000 job vacancies in Australia in May 2022, up by 58,000 from February 2022, according to new seasonally adjusted data from the Australian Bureau of Statistics (ABS). The figures for May 2022 were double the figure of 2,27,000 vacancies in February 2020.
Vacancy in Australia reaches half a million
ABS data showed that private sector vacancies stood at 4,39,100, up 14.2% from February 2022, and public sector vacancies stood at 41,000, up 9.4% from February 2022. “The number of job vacancies increased by 14% in the three months to May 2022 to almost half a million,” said Björn Jarvis, head of labor statistics at the ABS. This reflects increased demand for staff, particularly in customer-facing roles, as industries struggle to shore up their operations.” Hiring in Australia has outpaced all forecasts in recent months, data shows Due to which the unemployment rate has fallen to the lowest in almost 50 years at 3.9%.
The huge increase in vacancies in Australia during the pandemic has coincided with a decline in the number of unemployed people. Björn Jarvis added, “Therefore, the number of unemployed people and unfilled jobs in May 2022 was almost the same (1.1 unemployed people per unfilled job), compared to three times the figure before the start of the pandemic.”
Highest vacancies in these sectors of Australia
Out of all the states of Australia, the vacancy increased the most in Victoria, which reached an increase of 18% in the three months to May 2022. After Victoria, there were vacancies in New South Wales which stood at 12 percent. Although job vacancies were significantly higher across all industries than before the pandemic, quarterly growth figures varied between industries. The industries with the largest increases in vacancies this quarter were retail trade by 38%, information media and telecommunications services by 18% and arts and entertainment by 16%.
This was one of the reasons why the Reserve Bank of Australia (RBA) has increased interest rates twice since May by 0.85% and is likely to increase interest rates by 50 basis points at the July policy meeting next week.