Menu
Log in

Job Vacancies Data for May Reveals A Jobs Market Running Hot

6 Jul 2021 1:56 PM | Dr Marcus Smith

The quarterly release of Australian Job Vacancies published by the Australian Bureau of Statistics (ABS) for May 2021 reveals a national labour market running hot, recording the highest count on record at 362,500 on a seasonally adjusted basis.

The figures show  that national job vacancies increased by 68,800 over the three months to May and have increased by 234,900 since May last year as the effects of the pandemic set in.


Private sector job vacancies continued to lead the rise, increasing by 65,000 to 331,900 over the three months to May, which is 222,300 higher than at May last year.


Job vacancies in the public sector grew modestly by 2,800 to 30,600 over the three months to May, now 12,600 higher than at May last year.


Comparing the number of unemployed persons to the number of job vacancies nationwide illustrates how relatively tight the labour market is becoming as the number of jobs to be filled surges, which has fallen to 1.93 unemployed persons per job vacancy, down from 7.18 at May last year and from 3.12 in May 2019.


The breakdowns by industry (original data) show that, since May last year, the largest growth in job vacancies has occurred in Accommodation and Food Services (33,200), Health Care and Social Assistance (28,000), Retail Trade (22,900), and Construction (21,600).

Moreover, the ABS Business Conditions and Sentiments for June 2021 reported the growing challenges of skills shortages facing Australian businesses "with 19% of employing businesses reporting that they did not have enough employees based on current operations, compared to 12% in March 2021 and 15% in December 2020 ... businesses in Construction (29%) and Retail Trade (27%) were the most likely to report staff shortages".


Queensland's job vacancy statistics tell a similar story, increasing by 13,700 over the three months to May, which is 42,000 higher than in May last year.

The statistics show that all of the 13,700 addition vacancies over the three months to May were attributable to the private sector, which is 38,900 higher than in May last year, while public sector jobs are just 2,100 higher.



Finally, the number of unemployed persons per job vacancy has also decreased substantially in Queensland, falling to 2.3 unemployed persons per job vacancy which is down from 8 at May last year and from 5.1 in May 2019.


The strengthening in the jobs market is certainly a precursor to greater levels of inflation, which has been below the RBAs target for some time, and may sooner rather than later become a driver of wage price growth through cost-push inflation.

Privacy Policy | Copyright Brisbane West Chamber of Commerce 2019 © 

Powered by Wild Apricot. Try our all-in-one platform for easy membership management