Job Vacancies Show Drop In Latest ABS Figures

New data from the Australian Bureau of Statistics (ABS) shows job vacancies fell 2.7% over the three months to August, down to 327,200. That’s the sharpest drop since early 2021.

ABS figures show the private sector is leading the decline, with vacancies falling 3.4% to 288,700. Public sector hiring, however, defied the trend, lifting 2.2% to 38,400 roles. Over the past year, the divide is even starker, private sector vacancies are down 2.6%, while public sector demand is up 7.4%. The net result is that total job vacancies are down 1.5% over the year, equating to 5,000 fewer open roles.

This shifting balance is a red flag. The ratio of unemployed people to job vacancies has ticked up to 2.0, its highest level since February 2021 pointing to rising competition for fewer roles and slower churn across industries.

Across the board, 11 of 18 industries recorded a fall in advertised roles over the past quarter. Finance led the pack, with a 15% fall in vacancies from May to August and a 5.2% decline over the year. Construction jobs also took a hit, down 12.7% for the quarter and a staggering 22.4% year-on-year.

Other sectors are sending mixed signals. Mining vacancies rose 2.9% over the year but fell 13.8% in the last three months. Meanwhile, manufacturing looks deceptively strong, up 46% over the year, though still sitting nearly 30% below its 2022 peak.

Geographically, the picture is just as uneven. Victoria recorded the sharpest drop in job vacancies, down 8.8% in the three months to August. At the other end of the scale, the Northern Territory saw a 21.9% jump in advertised roles.