In Sydney, job vacancies in Australia declined for the ninth consecutive quarter in the three months ending in August, reflecting a cooling demand for labor across most industries. According to data released by the Australian Bureau of Statistics (ABS) on Thursday, vacancies decreased by 5.2% from the previous three-month period, which had already seen a 3.5% drop.
Seasonally adjusted job openings were down 17.1% from the same period a year earlier, totaling 329,900, the lowest level since August 2021. However, this figure remains 45% higher than the levels observed just before the onset of the COVID-19 pandemic. In the private sector, job vacancies slipped by 4.9%, while the public sector experienced a 7.5% decrease.
The decline was evident in 11 out of the 18 industries surveyed, with accommodation and food services, as well as manufacturing, experiencing the largest percentage drops. Overall, the number of vacancies was 30% below their peak levels, and the ratio of workers per opening increased to 1.9 from 1.7, although this remains below the pre-pandemic ratio of 3:1.
This trend is partly attributable to the rapid rate at which vacancies are being filled, with official figures showing an employment increase of 143,000 in the three months to August. Additionally, the labor supply has been significantly bolstered by an influx of skilled migrants and foreign students, which has helped to alleviate what was previously a very tight labor market.