Job advertisements in Australia jumped by 20.2% in August 2022 on a seasonally adjusted basis when compared to the same period in August 2021, according to data from ANZ Bank.

When compared to the previous month, job ads increased 2.0% in August, exceeding the peak in March 2022.

Overall, job ads totalled 242,301, which was 58.2% up when compared to January 2020 (pre-Covid-19).

The volume of unfilled labour demand suggests the effects of higher inflation, rising rates and global growth risks on the labour market will be lagged, ANZ Bank added.

ANZ Senior Economist, Catherine Birch, said, “Last month, we hypothesised that ANZ Job Ads had passed its peak, but we have been proven wrong, as it increased 2.0% month-on-month in August, exceeding the March high. Other indicators of labour demand remain robust: NAB’s business survey showed the employment index rising sharply in July to the third-highest level since the series began in 1997.”

Referring to July’s monthly falls in employment and the labour force participation rate, Birch said, “We think the falls in employment and participation in July’s labour force survey were temporary reversions after rapid improvements over recent months. We continue to expect solid employment growth over the remainder of the year, underpinned by the significant volume of unfilled labour demand.”

Birch added that some outcomes of the country’s recent Jobs and Skills Summit aim to expand the supply of labour to meet this excess demand.

ANZ Bank’s data is based on information provided by Seek and Workforce Australia, Department of Employment and Workplace Relations.