Australian Job Advertisements Rise 0.8% in July Amid Higher Borrowing Costs

The Australian job market remains resilient despite higher borrowing costs, according to recent data from Australia and New Zealand Banking Group (ANZ) and employment website Indeed. In July, the number of job advertisements rose 0.8% from June, when they slipped 0.1%, suggesting labour demand is still strong.

The gain was broad-based, with management and physician & surgeon opportunities leading the way. These two occupations, along with nursing, have been the fastest-growing roles over the past year. The number of job advertisements in July also remained 16.2% above their decade-long averages.

Jobs data released last month showed the economy created 76,300 net jobs in June, while the unemployment rate held steady at 4.4%. The Reserve Bank of Australia (RBA) has raised interest rates three times this year to 4.35% to fight inflation.