The SEEK Employment Report for July 2024 highlights a modest recovery in the Australian job market, with job ads rising by 1.7% month-on-month (m/m), marking the first increase since March.
Despite this positive shift, the overall job market remains competitive, with applications per job ad continuing their upward trend, rising by 2.5% m/m in June, and remaining significantly elevated compared to pre-COVID levels. Leigh Broderick, Head of Employment Analytics said: “After three months of consecutive decline, job ads rose in July. Hospitality & Tourism jobs posted a strong month, rising for the first time this year, by 17.7%.Job ad volumes in Queensland have now surpassed those in Victoria, thanks to driving demand for workers in Construction, Community Services & Development and Real Estate & Property.
“Applications per job ad have risen consistently for over two years and are very elevated compared to pre-COVID norms. For candidates, this means significant competition for open roles, and for hirers, it means plenty of choice, and demonstrates the power of a well-defined recruitment process.”
National Insights
Leigh Broderick, Head of Employment Analytics at SEEK, commented on the report: “After three months of consecutive decline, the increase in job ads in July is a welcome change. However, the rise in applications per job ad underscores the fierce competition candidates are facing in the current job market.”
The year-on-year (y/y) decline in job ad volumes has slowed to 15.3%, down from 16.8% in June, indicating a gradual stabilization in the job market. Most industries saw an increase in job ad volumes, with Hospitality & Tourism showing a notable recovery after months of decline, posting a 17.7% rise.
State and Territory Trends
Job ad volumes rose in most states, with New South Wales (2.2%) and Queensland (2.6%) leading the way. Queensland’s strong performance was driven by demand in sectors such as Construction, Community Services & Development, and Real Estate & Property. Notably, Queensland’s job ad volumes have now surpassed those in Victoria.
However, Victoria (-1.0%), the Australian Capital Territory (-0.5%), and Tasmania (-0.5%) experienced slight declines in job ad volumes. The Northern Territory recorded the largest m/m increase at 10.3%, its most significant rise in over two years, driven primarily by spikes in Hospitality & Tourism (46.4%) and Education & Training (40.9%).
Industry Insights
July saw broad-based gains across most industries, with only five sectors experiencing a decline in job ad volumes. Hospitality & Tourism, which had been on a downward trend since January, saw a strong rebound. Additionally, there was notable candidate interest in Government & Defence roles, with applications per job ad in this sector surging by 27% m/m.
Broderick noted, “For candidates, the rising applications per job ad mean tougher competition for available roles, while for employers, it highlights the importance of a well-defined recruitment process to attract the right talent. As the job market begins to show signs of recovery, the sustained high level of competition underscores the importance for both job seekers and employers to remain strategic. The slight uptick in job ads offers some hope, but the environment remains challenging, with ongoing economic uncertainties likely to influence future trends.
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