Australia job vacancies drop 5.2% in August quarter

Malborne (Reuters): Job vacancies in Australia fell for a ninth straight quarter in the three months to end-August with declines spread across most industries as demand for labour cooled.

Figures from the Australian Bureau of Statistics (ABS) out on Thursday showed vacancies fell a sharp 5.2% from the previous three-month period, when they dropped 3.5%.

Job openings were down 17.1% from a year earlier at a seasonally adjusted 329,900, the lowest level since August 2021, but still 45% higher than just before the COVID-19 pandemic hit.

Vacancies in the private sector slipped 4.9%, while those in the public sector dropped 7.5%.

Vacancies fell in 11 of 18 industries, with the largest percentage falls in accommodation and food services, and manufacturing.

The drop left vacancies 30% below their peak, with workers per opening rising to 1.9 from 1.7, though that remains below pre-pandemic levels of 3:1.

Some of this is due to vacancies being filled at a rapid rate as official figures showed employment rising 143,000 in the three months to August.

The supply of labour has also been greatly boosted by a rush of skilled migrants and foreign students, helping ease what had been a very tight labour market.