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Softening consumer confidence following the 2014-2015 Budget has not stalled recruitment, with only a modest -1% month-on-month fall in new job adverts in May, according to job board SEEK.
According to SEEK, new job adverts were +7.4% higher than in May 2013, however, the strong growth seen between October 2013 and January 2014 has now slowed.
Joe Powell, Managing Director of SEEK, commented: “Following a strong start to 2014, the labour market’s resilience has seen only a slight decline in new job ads in May, suggesting that the Federal Budget has, as yet, had a minimal impact on recruitment plans.”
The drop in new job advertisement volume was noted across all major states, with the exception of South Australia, which rose +1.5%. New South Wales dipped by -0.3%, Queensland by -0.7%, Western Australia by -1.1%, and Victoria -1.8%.
In New South Wales the minor decline in new job adverts is expected to have little impact in hiring confidence given the state has seen a +12% year-on-year growth in the demand for labour to May 2014.
The industries in New South Wales, which have seen notable increases in new job adverts year-on-year, include construction which is up +35%, design and architecture up by +34%, farming and conservation up +27%, and community services up +19%.
Mr Powell added: “It will be important that the Government maintains a commitment to creating an environment of investment beyond the mining sector. Assuring projects such as the AUD 50 billion (USD 46.9 billion) infrastructure investment over a seven-year programme is just one of the initiatives which will promote job creation across the country”.
The SEEK Employment Index, which measures the ratio of new job adverts placed with SEEK to the number of applications for those jobs, fell by -1.4% in May. The decline in the Index signals that jobseekers have remained confident and active in applying for new roles in spite of recent reports that consumer confidence has declined.