The Australian job market has entered the new year on a cautious note as the SEEK Employment Report for December 2024 reveals a persistent decline in job advertisements across the nation.
With job ads dropping by 3.0% month-on-month (m/m) and 12.2% year-on-year (y/y), the report underscores the challenges faced by both employers and job seekers as economic uncertainties continue to shape the landscape.
A national perspective
According to the report, December marked the third consecutive month of declining job ads, a trend that characterized much of 2024. Despite the downturn, SEEK’s Senior Economist, Dr. Blair Chapman, emphasized that the labour market remains “broadly balanced,” offering considerable opportunities in key industries like Healthcare & Medical, Community Services & Development, and Manufacturing, Transport & Logistics.
Dr. Chapman explained, “The downward trend is largely reflective of a market correcting from an elevated base earlier in the year. While ad volumes have declined, the overall balance indicates there are still plenty of job opportunities for Australians, especially as hiring activity typically rebounds in January.”
State and territory trends
The decline in job ads was felt across all states and territories in December, though the extent of the fall varied. The Australian Capital Territory (ACT) and South Australia experienced the steepest drops, with ad volumes declining by 7.5% and 6.2% respectively. These decreases were driven by reduced demand in Professional Services in the ACT and Public Sector roles in South Australia.
Victoria and New South Wales showed resilience, recording the smallest monthly declines at 1.8% and 2.7% respectively. Queensland emerged as the most stable state over the past year, with a modest 4.7% decline in job ads y/y. By contrast, Western Australia faced a significant 18.5% reduction over the same period, reflecting regional disparities in labour demand.
Industry insights: winners and losers
The industry breakdown reveals a mixed picture, with some sectors facing significant challenges while others show surprising resilience:
- Education & Training: This sector recorded the sharpest decline in December, with job ads plummeting by 10.1% m/m. This drop was a significant contributor to the overall national decline.
- Retail & Consumer Products: In contrast, this sector was among the standout performers, growing by 3.7% m/m, buoyed by seasonal demand during the holiday shopping period.
- Healthcare & Medical: Despite a slight drop in job ads, this sector remains a key area of opportunity, reflecting ongoing demand for skilled professionals.
- Science & Technology and Consulting & Strategy: Both sectors saw modest increases of 2.4% and 1.6% m/m, respectively, showcasing a steady demand for specialized roles.
Applications per job ad remain steady
While job ads saw a decline, applications per job ad fell only marginally by 0.1% m/m, indicating continued strong competition for available roles. Government & Defence, Healthcare & Medical, and Education & Training remained the most sought-after fields, reflecting high interest among job seekers.
A glimpse into 2025
Despite the decline, Dr. Chapman remains optimistic about the year ahead. “January traditionally marks a period of renewed hiring activity. As we move into 2025, we anticipate a rebound in job ad volumes, offering new opportunities for job seekers across various industries.”
SEEK’s Employment Report highlights an evolving labour market characterized by both challenges and opportunities. Employers and candidates alike will need to remain adaptable as the market adjusts to broader economic trends and sector-specific shifts.
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