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ISCOVER
Staff Reporter
The Reserve Bank is likely to keep rates on hold when the Board meets later today despite new data showing job advertisements fell in July.
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According to the latest ANZ job advertisement series, job advertisements on the internet and in newspapers fell 0.8 per cent in July, marking the fourth consecutive monthly fall.
Advertisements are now 9.1 per cent below where they were one year ago.
Speaking about the results, ANZ’s head of Australian economics and property research Ivan Colhoun said there has been a mild softening in overall labour demand in Australia, notwithstanding the strength of labour demand in the mining sector.
“Online advertisements have trended lower in all states and territories, including in WA, Queensland and the Northern Territory, the regions most exposed to the mining boom. Job advertising, however, does remain considerably stronger in these regions than in other states and the ACT, though advertising in NSW and SA continues to show some resilience,” he said.
Mr Colhoun said while the Reserve Bank would take a wait and see approach to rates today, slowing employment growth could affect the Board’s decision in the future.
“While the Bank is clearly happy to assess for the next few months the impact of recent interest rate reductions on the economy, we expect that later in the year, slower than desirable employment growth will allow modest further interest rate reductions,” he said.
