Demand for workers remains strong, even as the unemployment rate hits historic lows and is destined to go even lower, AAP reports.
The National Skills Commission said job advertisements posted on the internet rose by a further 3.6% in February to stand at 269,700.
Job ads are now 36.2% higher than a year earlier and massive 60.4% above levels prevailing before the pandemic.
Advertisements increased in all eight occupational groups monitored by the commission, with community and personal service workers leading the way with a 7.6% increase in the month.
Recruitment activity rose in all six states and the ACT, but declined 0.5% in the Northern Territory. The sharpest increase was in Tasmania, up 6.6%.
The most recent Australian Bureau of Statistics figures showed the jobless rate had fallen to 4%, a level not seen for almost 14 years. The federal finance minister, Simon Birmingham, on Wednesday hinted next week’s federal budget will point to an unemployment rate below 4% in 2022/23.
However, rising cost-of-living pressures and a downturn in consumer confidence is raising concerns over the outlook for household spending – a key plank for economic growth.
Figures released on Tuesday showed confidence has now sunk to levels last seen in September 2020 when Victoria was enduring the second Covid-19 wave.
At the same time, consumer inflation expectations have also hit their highest level in 11 years at 6%, almost double the current annual rate at 3.5%.
The Reserve Bank of Australia governor, Philip Lowe, has warned inflation could hit at least 4%, while economists believe it could reach 5% or more. Fitch Ratings believes the outlook for global growth has deteriorated significantly as inflation challenges intensify.