Job Ads on a Decline

Job advertisements in the country have declined to their lowest level in the last two years. According to the ANZ Job Ads survey, the decline is reflected all states.

The survey showed that the volume of job advertisements decreased 4.6 percent last month. Last September, job ads fell about 3.9 percent. Internet job advertisement also dropped 4.6 percent.

This means that the volume of job advertisements has decreased for seven consecutive months with the lowest level in January 2010.

Newspaper ad placements also fell 4.1 percent last month. Overall, newspaper ads declined 26.9 percent from last year’s figure.

The decline is seen in all states and the ACT. Victoria, ACT, and WA post the most significant decline.

Ivan Colhoun said the drop in job advertisements may prompt the Reserve Bank to cut cash rate. RBA is set to meet on Tuesday. He added that the increasing pressure on the unemployment statistics may push the RBA to further cut interest rates.

Colhoun is the Australian economics and property research ANZ head. He also said that he believes interest rates are still too high.