ANZ-Indeed Australian Job Ads increased by 1.8% in June, marking the strongest monthly rise since September 2024. This follows a revised decline of 0.6% in May. In trend terms, there was a 0.5% increase.
"After two consecutive months of decline, the ANZ-Indeed Australian Job Ads series has bounced back, from 114.8 in May to 116.9 in June," said ANZ Economist Aaron Luk. "The series has moved within a tight 114–117 range since mid-2024, but this marks the highest level in 12 months."
According to Luk, "The ABS Job Vacancies release also shows that labour demand remained elevated, rising 2.9% to 339,400 in the three months to May." He noted that this rise was mainly driven by a 3.2% increase in private sector vacancies and mentioned that both the unemployment rate and hours-based underutilisation rate have been stable since mid-2024.
Luk further stated, "Given the ongoing tightness in Australia’s labour market and the overall resilience in its economy, we maintain our expectation that this easing cycle will be relatively shallow." He anticipates that "the RBA will cut the cash rate by 25bp in its July and August meetings."
Callam Pickering, Indeed Senior Economist, observed regional variations: "In June, growth in Job Ads was concentrated in Queensland and New South Wales, which more than offset falls in Victoria and South Australia." He added that "Job Ads in Queensland jumped to their highest level since February."
Pickering also highlighted sector-specific trends: "Job Ads for management and sales opportunities rebounded in June... Software development continues to recover... Education remains a drag on job creation... while opportunities for nurses also continue to ease."