We have updated our comprehensive chartpack on labour markets in Australia and New Zealand following the release of detailed quarterly labour force data.
In our previous Compendium we characterised the Australian labour market as being at a crossroad. That remains the case.
Labour market conditions remain relatively tight in an historical sense and compared with estimates of the NAIRU. Australia’s unemployment rate also remains low by global standards.
But employment growth has slowed materially and recent outcomes will be revised down a little further when population benchmarks are updated in the December labour force release.
Business surveys suggest that while there has been an increase in the share of Australian employers growing staff numbers this year, there has also been a higher share of employers cutting staff. Labour force data show that unemployment rates have risen the most for former workers in ‘white collar’ industries, particularly finance & insurance and professional services.
The share of the working-age population in a job has declined since peaking at the start of this year and labour market ‘outsiders’ continue to find it more difficult to find work than in recent years.
