ANZ-Indeed Australian Job Ads fell 0.8 per cent month on month in April following a downwardly revised 3.2 per cent month on month fall in March. In trend terms, the series fell 0.4 per cent month on month and was down 1.0 per cent in annual terms.
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"ANZ‑Indeed Australian Job Ads fell by 0.8 per cent month on month in April but remains 5.2 per cent above the December 2025 level," ANZ Economist, Aaron Luk said.
"The unemployment rate remained at 4.3 per cent in March. While the RBA is likely to continue to assess labour market conditions as "tight", another month with the unemployment rate at 4.3 per cent makes it less tight than earlier in the year when the unemployment rate had dipped down to 4.1 per cent.
"As a result, we expect a subtle shift in the RBA's characterisation of labour market conditions at this week's Board meeting and expect it will drop the assessment that conditions have tightened recently.
"We expect to see some softening in the labour market over coming months, particularly given the developments in the Middle East since February. We expect higher interest rates and increased economic uncertainty to weigh on labour demand, with the unemployment rate to average 4.5 per cent over the final quarter of 2026."
