Job ads continue to fall
The number of advertised jobs in Australia has continued to fall, recording its lowest point in over two years in October.
The ANZ's monthly survey found that job ads had declined by 4.6 per cent over the September to October period, down 15 per cent on the levels recorded a year ago.
The 4.6 per cent contraction in the October period follows a revised 3.9 per cent fall in September, meaning that job ads have now fallen for seven straight months to arrive at their lowest point since January 2010.
"The general trend of weaker job advertising and continuing job losses as businesses restructure and/or cut costs, suggests continuing upward pressure on the unemployment rate," ANZ's head of Australian economics Ivan Colhoun noted in ANZ's report.
"Further stimulus from monetary policy is likely to be necessary," he said.
"Especially while the Australian dollar remains stubbornly high, in order to ensure that activity in other sectors of the economy picks up to replace the winddown of the mining investment boom from the second half of next year."