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Staff Reporter
The number of jobs advertised in metropolitan newspapers and the internet rose slightly last month, giving further weight to the RBA’s expected rate hike.
The 0.7 per cent increase marks the fifth consecutive monthly rise in job advertisements.
According to the latest ANZ data, the bank’s Job Series Index is now 32.9 per cent higher than it was a year ago.
ANZ chief economist Warren Hogan said he expects the positive employment intentions to translate into solid employment growth, of an average of 20,000 per month, in the short-term.
“Continued growth in job advertisements over September increases the likelihood that the unemployment rate will fall below 5 per cent by year-end. This will see skills shortages emerge and will put upward pressure on wages growth ahead of the expected peak in Australian economic growth,” Mr Hogan said.
"Indeed, with Australian economic growth forecast to accelerate strongly over 2011-12, we would expect the labour market to tighten further and for wage pressures to intensify. This would make it increasingly difficult for inflation to remain capped within the RBA’s 2 per cent to 3 per cent target band.”
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