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The data from the Australian Bureau of Statistics reports an increase in the job vacancy by 1.7% in the November quarter in Australia.
Mr. Bjorn Jarvis who is the head of labor statistics at the ABS, by August 2018, the job vacancy was down by 2.7%. After that, there was an increase in the job vacancy till November 2018 by 1.7%. He also claimed that there was an increase in the job vacancy, but the rate of growth was slow.
For the entire 2018, the data from the ABS states that there was an overall increase in job vacancy by 13.9% where vacancies in the private sector increased by 14.1% and vacancies in the public sector increased by 12.1%.
Source: Australian Bureau of Statistics (ABS)
Based on the above table taken from ABS, there is an increase in the job vacancy in almost 80% of the sectors in the November 2018 quarter. However, there were also certain sectors where the job vacancy remains unaffected, or there is a fall in job vacancy. These were Electricity, gas, water and waste services which remain unchanged in the November quarter. Transport, postal and warehousing reports a slight fall in the job vacancy. It remains unaffected in Information media and services. The education and training sector, Arts and recreation services also say a fall in the job opportunities.
Source: Australian Bureau of Statistics (ABS)
Based on the above statistical data from ABS, as compared to the August quarter, the total number of job vacancies reached 245.7 million. The maximum vacancy was reported in NSW which was around 86.3 million. The job vacancy for the November 2018 quarter in NSW increased by 4.73%.
Source: Australian Bureau of Statistics (ABS)
As per the comparative study of the data of job vacancies in August 2018 quarter to those in November 2018 quarter, private sector reports an increase in job vacancies by 1.7%. Vacancies in the public sector are also up by 2.5%. If combined both the private and the public sectors, job vacancy increased by 1.7%.
With the increase in the job vacancy, there will be less competition in the job openings. Callam Pickering, who is an APAC economist states that since 2008, the number of job openings per unemployed person in Australia has gone down to its lowest level by November 2018.
Increase in job vacancies will help in reducing the unemployment from the country. It will also assist in improving the ongoing challenges which the Australian economy is facing. Increased job openings will encourage additional source of income for Aussies which will enhance the standard of living. There is an opportunity for those Australian citizens who recently got over-burdened with the holiday debt.
But it will also create pressure on the employer because they need to pay their wages and salaries as agreed. NSW is one such region in Australia which is the largest labor market in Australia where the situation of the employers is currently very tight. But there is no clear evidence or any data to support employers are facing wage pressure, nor there is any data to support that the policymakers are facing challenges in boosting the wages of the workers and support their household expenses.
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