The Numbers That Matter If You’re Looking For Staff

In the lead up to the holidays, businesses of all sizes can struggle to fill vacancies. But if it feels particularly tough right now, here’s why.

New Australian Bureau of Statistics data confirms the job market is tight. Unemployment has fallen to 4.3 per cent in October, down from 4.5 per cent in September. The figure was lower than economists expected and comes after the economy added 42,200 new jobs, more than double the forecast of 20,000.

“Today’s figures are the signal we needed that Australia’s labour market is resilient,” says Ben Thompson, CEO and co-founder of Employment Hero. “Employers are continuing to hire, and they are doing so with intent.”

The participation rate held steady at 67 per cent, while underemployment fell to 5.7 per cent, the lowest level in more than three decades. 

483,000 people entered employment in October while 448,000 exited, suggesting workers are quitting jobs to move to new roles.

There’s A Trend In The Types Of Jobs

The ABS data showed full-time roles were up 55,300 while part-time employment decreased by 13,100.

Employment Hero’s October Jobs Report suggests SMEs are riding the market by adapting their hiring strategies. 

“We’re seeing strong gains in casual roles, up 9.5 per cent over the year, so many employers are keeping their teams agile through shifting conditions,” Thompson explains. “But we’re also seeing notable increases in full-time hiring, so employers are showing confidence in longer term employment decisions as well.”

Key Sectors Are Hungry For Workers 

Hiring managers are especially busy in some industries..

 “Growth in construction, retail and hospitality highlights that demand remains healthy across the economy,” Thompson notes. “While technology hiring has slowed, other sectors are keeping the employment engine running. It’s a great time to be an engineer. They’re dominating the hiring sector at a massive 20.4 per cent year-on-year.”

Youth unemployment also fell from 10.6 to 9.6 per cent, expanding the talent pool for businesses willing to invest in training.

Strong Jobs Data Comes With A Catch

The strong employment data comes with a significant trade-off: economists agree interest rate cuts may be further delayed. 

For SMEs, that means higher borrowing costs and more expensive lines of credit and equipment financing, plus a dampening of consumer spending.

Says Ben Thomson: “The key takeaway is confidence with caution. Employers are investing in people, but doing it in ways that protect resilience.”