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Vacancies are up, but jobs still going begging
By Ed Logue
June 27, 2008 08:15am
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Print EmailTHE labour market remains as tight as a drum and wages could grow in coming months, the latest official employment figures suggest.
Employers still need to offer incentives to retain and hire staff, prompting the spectre of an inflationary wages blowout and interest rate rises to curb labour costs.
Economists say the tight jobs market, where the ratio of unemployed to each job vacancy is at a record low, could still force the Reserve Bank to raise official interest rates to stifle inflationary pressures.
Total job vacancies rose 2.5 per cent in the three months to May, the Australian Bureau of Statistics (ABS) said yesterday.
Job vacancies rose 9.4 per cent over the year to May, the third straight year of annual jobs growth at 9.4 per cent.
CommSec equities economist Savanth Sebastian said employers need to offer incentives to keep staff and hire new workers in the tight jobs market.
"It is a challenge to attract and retain staff and it's not going to get any easier,'' Mr Sebastian said.
ICAP economist Matthew Johnson said the labour market was tight with 2 1/2 unemployed people for every available job over the three months.
"An all-time low since the survey was collected (in 1979),'' he said.
"The increase in the number of vacant jobs suggests that the recent sluggish employment performance may prove to have been a temporary blip rather than the turning of the labour market worm.''
The ACT had the biggest percentage rise in job vacancies, with a 15.2 per cent increase in the quarter.
In NSW the job vacancies rose 3.4 per cent, compared with Queensland, which gained 8 per cent and Victoria, which rose 6.4 per cent.
The Northern Territory experienced the biggest fall in vacancies in the three months to May, down 13.5 per cent, followed by South Australia, down 12 per cent.
There were 184,400 jobs available to be filled immediately by employers in May in the private and public sectors.
Australia's unemployment rate was 4.3 per cent in May, the same as in April, the ABS said earlier this month.
Employment in property and business services sectors posted the biggest rise in vacancies, up from 46,500 to 50,200 jobs, or 7.96 per cent compared with the three months to February.
Available work in accommodation, cafes and restaurants continued to decline, from 9700 to 6400 jobs, or 34.02 per cent during the three months.
Vacant jobs in the sector have dropped 49.6 per cent over the past six months.
The Reserve Bank will announce its next
interest rate decision on Tuesday.
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