Following months of negativity, concerns about historically high unemployment rates, and skewed job figures; data from Australia’s Department of Education, Employment, and Workplace Relations (DEEWR) showed that job vacancies increased by +12% between October 2013 and October 2014, reports businessinsider.com.au. 

Even though the trend appears to be softening, the economics team at ANZ Bank feels that the data highlights the improving labour market in Australia.

Given that the underlying trend from the official statistics is difficult to determine, ANZ economists have compiled data and produced a set of charts, which provide a series of snapshots into what is happening in the market.

If the economists are right, the economy will be on its way back to health: “These trends are broadly consistent with our view that the unemployment rate is unlikely to deteriorate much further from here, although we do not envisage any material improvements until 2016.”

Chart 1: All measures of the labour market are signalling improvement

Chart 2: Employment growth should catch up with job advertisements

Chart 3: A survey from NAB Business Banking suggests more jobs are coming

Chart 4: Firms are also reporting that the labour market is tighter

Chart 5: Job adverts remain encouraging across non-mining industries