At a time when tens of thousands of people may be worrying about their futures following the end key government support measures this week, there was at least some positive news for those left seeking a job, reports AAP.
Australian Bureau of Statistics figures show that between November 2020 and February 2021 there was a 13.7% increase in job vacancies – 27% higher than a year earlier and before the start of the Covid-19 pandemic.
National Australia Bank economist Taylor Nugent said:
Even with the faster-than-expected fall in the unemployment rate so far, the elevated level of vacancies points to further declines.
Elevated job vacancies also reduces the risk of unemployment increasing substantially following the end of jobkeeper.
Unemployment dropped to 5.8% in February, more than a year ahead of official forecasts.
But Treasury estimates up to 150,000 people could be out of work as a result of the jobkeeper wage subsidy ending this week.
The jobseeker coronavirus supplement also ended on Wednesday, although the base of the dole rate was slightly lifted.
The ABS head of labour market statistics, Bjorn Jarvis, said there were 289,000 job vacancies in February – 61,000 more than a year earlier.
He said:
This reflected the pace of recovery in labour demand over the second half of 2020 and early 2021, and labour shortages in some industries.
In other data released on Thursday, retail spending declined 0.8% in February, a slightly smaller fall than had been estimated in preliminary figures released last month.
However, retail trade was still a solid 9.1% higher than a year earlier.
The Australian Retailers Association’s CEO, Paul Zahra, said:
While we don’t expect a ‘fiscal cliff’ with the removal of jobkeeper, we do expect sales to soften in the coming months.