Job Applicants Face Record Competition as Job Ad Volumes Decline

New data from SEEK confirms that job applicants are facing intense competition in Australia's job market. According to the latest Employment Report for July, applications per job ad have risen every month since January and are now at a record high.

The number of people applying for each job has surged by 0.4% month-on-month, and is sitting 6.0% lower than the same time last year. While overall job ad volumes continue to decline, SEEK chief economist Dr Blair Chapman notes that the pace of the slowdown is easing across many sectors.

Data centre roles have seen a significant surge in demand, with applications up by 109.5% year-on-year nationally. South Australia has experienced the largest increase, with data centre jobs rising by 248.3%. Other industries experiencing hiring surges include hospitality and tourism, sports and recreation, and construction.

RBA Governor Michele Bullock believes that a rise in unemployment is necessary to tame inflation, but notes that employment itself is still growing. She warns that it may take higher unemployment rates for inflation to be brought back down.