ANZ-Indeed Australian Job Ads fell 2.2 per cent month on month in October following a downwardly revised 3.5 per cent month on month decline in September. The trend series fell 2.2 per cent month on month, after a 2.1 per cent month on month fall in September.
ANZ Economist, Sophia Angala said: "ANZ-Indeed Australian Job Ads recorded its fourth consecutive monthly decline in October, down 2.2 per cent month on month.
"In seasonally adjusted terms, the series has declined for six of the last seven months. Annual growth declined sharply to -7.4 per cent year on year, from -4.4 per cent year on year in September.
"The unemployment rate increased to 4.5 per cent in September from 4.3 per cent in August. But we think the easing in the labour market is less pronounced than the movement in the headline unemployment rate suggests, given the growth in employment and hours worked through the month.
"The ANZ-Indeed Australian Job Ads series suggests we are unlikely to see material re-tightening of the labour market in the near term. In a fireside chat in mid-October, RBA Governor Michele Bullock said of the labour market: "maybe it's a little bit tight but it's close-ish to balance". We see the labour market as balanced and expect this dynamic to broadly continue, before the unemployment rate begins to drift lower again from the second half of 2026."
Indeed Senior Economist, Callam Pickering said: "Seasonal hiring continued to rise throughout October, with strong gains in retail and food preparation ahead of Christmas. However, that was more than offset by a large decline in education opportunities, along with fewer Job Ads in management and administrative assistance.
"Job Ads were down in around 60 per cent of occupational categories in October. Recent state-wide trends continued in October, with the decline in Job Ads driven by Victoria and Queensland. Falls were more modest elsewhere, with New South Wales Job Ads down the least. Job creation in Western Australia continues to outperform other states and territories."
