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Date Posted: 7/11/10 17:00:06
Job ads increase with wages to follow
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EmailPrint..Topics:Interest RatesCompany News & Earnings.
On Monday 8 November 2010, 7:59 EST
The number of full-time job advertisements rose in October and wage growth is set to follow, a survey shows.
The Advantage job index posted its third consecutive month of growth in October, with total job advertisements increasing 2.02 per cent.
Full-time job ads rose 0.8 per cent in October and were 39 per cent up on the same month a year ago.
In the 12 months to October, Western Australia continued to benefit from the mining boom, with a 49.50 per cent increase in job advertisements.
It was followed by Victoria, up 34.93 per cent, and NSW, up 31.79 per cent.
Advantage said the jobs increase showed business confidence was improving and wage pressures were emerging.
"As interest rates and the cost of living rises, employees expect higher wages leading to salary-based inflationary pressures," Advantage director of global market intelligence Bob Oliver said in a statement.
"In an already tight labour market, employers will be forced to offer greater incentives to attract and retain the best employees."
The Reserve Bank of Australia (RBA) raised the cash rate on Tuesday in a pre-emptive strike on expected inflationary increases.
The 25 basis point rise to 4.75 per cent was the first time since May that the central bank has raised the cash rate.
The Commonwealth Bank of Australia (CBA) has been the only major bank so far to lift rates in response.
However, the CBA raised its variable mortgage interest rate by 45 basis points - almost double the RBA's official increase - sparking community and government outrage.
Mr Oliver said the rate increases may lead to employees seeking bigger pay packets before Christmas.
The Advantage index showed the sector with the biggest gains in job ads was accounting, up 6.28 per cent in October.
This was followed by engineering, up 5.35 per cent, and advertising and media, up 3.71 per cent.
Human resources, with a fall of 2.87 per cent, and the legal sector, down 2.78 per cent, were the worst performing sectors.
On a state by state basis in October, the Australian Capital Territory was the best performer, with an increase of 8.36 per cent, boosted by a surge in information technology jobs since the federal election.
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