Latest data from the Australian Bureau of Statistics show the unemployment rate is at its lowest level in almost 14 years with 13.4 million people in employment and 563,300 people unemployed. Job vacancies as a share of the labour force are at record levels.
The level of job vacancies in February 2022 was 86% higher than in February 2020, prior to the start of the pandemic. The ongoing high level of vacancies reflects the pace of recovery in labour demand from the fall in May 2020, as well as businesses across the economy indicating labour shortages and ongoing disruptions to operations.
Combined with very limited immigration during COVID, this may explain why many businesses are finding it hard to recruit skilled workers. If you’re having trouble finding the right people to join your team – get in contact with us to see if we’re the right fit for you. firstname.lastname@example.org