Australian Job Advertisements saw an increase of 7.3% in July on a seasonally adjusted basis, according to the latest index from ANZ Bank.

When compared to the previous month, job ads on ANZ Bank increased by 1.5%.

“Encouragingly, the weakness in ANZ Job Ads in June did not continue into July,” ANZ’s Head of Australian economics, David Plank, said.

ANZ Bank said that business conditions, while down from record levels, remain well above long term averages.

“Capacity utilisation and profitability also remain at high levels. As such we expect employment growth to continue at a pace consistent with a gradual decrease in the unemployment rate,” ANZ Bank said. “We will be closely watching the job ads, however, as further weakness in the series may challenge our view. This in turn would have implications for wage growth, consumption and the return of inflation to the target band.”