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Job ads fall as businesses shelve hiring plans

Demand for staff has dropped substantially over the past couple of months as the Australian economy enters a recession, and unemployment rises.

According to the ANZ, job advertisements online and in newspapers dropped by 7.5 percent, off the back of an 8.5 percent slump in March.

Many businesses are shelving their hiring plans, a move that is “consistent with rising unemployment over the year ahead” said ANZ head of Australian economics Warren Hogan.

Total job ads have fallen every month for the past year and are now half the level they were in April 2008.

Hogan predicts total employment in Australia will contract over the year ahead.

The unemployment rate currently stands at 5.7 percent, the highest level in close to six years.

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