Latest Employment and Market Insights

Is the job decline easing?

According to the ANZ  and Indeed data, Job ads increased by 1.6% month-on-month in September, marking the first rise in eight months. This uptick, following a 1.8% decline in August, could suggest a slowdown in the decline that began in 2022, noted ANZ economist Madeline Dunk.

While year-over-year job ads are down 19.8% and 28.1% below the June 2022 peak, they remain 14.3% higher than pre-pandemic levels. “This slight increase may signal a slowing trend in the decline,” said Dunk, adding that ABS data reflects a resilient labour market with rising employment and low underemployment.

Queensland led the growth in job ads, which reached their highest level since October 2023, driven by holiday season hiring in the retail sector. Indeed, senior economist Callam Pickering noted that over a third of the increase in job ads was due to Christmas-related retail positions. In total, three-quarters of occupations surveyed saw gains, indicating broad-based growth.

Employee Experience Trend data published

Qualtrics has released its annual study into the state of work and employee experience throughout the Land Down Under, revealing some insights into how employers may plan their attack for 2025.

The 2025 Employee Experience Trends report has revealed that employees feel overwhelmed by a collection of issues. Chaotic workplaces, workplace stereotypes, AI inactivity, and other factors intertwine to overwhelm Aussie workers.

5 Trends for Top Employers:

1. Less Chaos, More Clarity In 2025: leading employers focus on streamlining work to reduce complexity. As employees have navigated rapid changes, companies now aim to remove unnecessary barriers, creating a more efficient, supportive environment. Younger employees, especially, bring optimism and value to organisations, yet they’re often hesitant about long-term commitments. Employers must actively engage and support them to foster loyalty.

2. Retaining Young Talent: Today’s young workforce is highly engaged but seeks organisations that support their career development. Rising costs of education and living, paired with a demand for new skills, make young employees selective. To retain them, employers should invest in their growth and provide a clear path for future opportunities.

3. Prioritising Entry and Exit Experiences: While engagement is high, intent to stay is declining, often linked to poor candidate and exit experiences. Onboarding sees positive feedback, but organisations must improve how employees are introduced and farewelled. Better entry and exit journeys can significantly impact long-term loyalty and engagement.

4. Building Trust with Benevolence: Trust is crucial for a positive employee experience. While many leaders are seen as competent and aligned with company values, there’s a need to show benevolence—prioritising people’s wellbeing over profit. Leaders who demonstrate competence, integrity, and genuine care for employees foster a more engaged, resilient workforce.

5. Enabling Effective AI Use: Employees are leading the way in AI adoption, but many lack the training and strategic support to maximise its potential. Organisations should develop a structured, people-first approach to AI, prioritising training, responsible use, and task automation. This will ensure AI’s productivity benefits are harnessed without overwhelming or replacing employees.

These five trends highlight a shift toward a more human-centered, transparent, and technologically empowered workplace, setting the foundation for success in 2025.

NAB CEO addresses Economic Challenges, Housing Crisis

In a recent statement to the House of Representatives Economics Committee, NAB’s CEO, Andrew Irvine discussed the current economic landscape, highlighting both the challenges and strengths seen in Australia.

Despite weaker growth and a tightening job market, he expressed long-term optimism, while acknowledging the pressures of high interest rates and inflation on households, particularly renters and mortgage holders. NAB’s consumer surveys show cost-of-living stress affecting one-third of Australians.

Economy:

NAB remains optimistic about the longer-term outlook for Australia, though the reality today is more challenging. Growth is weaker than it has been for many years, though still positive.  The job market continues to show resilience but is softening. Business conditions are only slightly below the long-term average. We do however expect the economy to grow more quickly in the second half of the year.

The key question on many minds is how long interest rates will remain at their current restrictive level to bring inflationary pressures into the RBA’s target range.

Customers:

In terms of what all this means to customers, Andrew view is that there are two Australia’s, and a two-speed economy operating at present. Customers in certain sectors and certain geographies are doing well and are ambitious to grow.  These include mining and resources businesses and consumers living and working in parts of Western Australia, the Northern Territory and Queensland.

In other sectors and geographies customers are doing it much tougher. These include retail and parts of the construction industry. Victoria and New South Wales are under more pressure than other states. Data shows people are having to make tough decisions about where they spend their money. They are getting by, but it is tough.

There is a lot of focus on homebuyers with a home loan and the pressure of higher interest rates. But we must all remember that one-in-three Australian households have a home loan. On the other hand, inflation hurts everyone. Renters have been particularly hard hit by higher rents and higher living costs. NAB’s consumer sentiment survey continues to show cost-of-living pressures are causing the greatest stress, with 1 in 3 Australians reporting very high stress related to cost of living.