Brexit turmoil hits aussie job market

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THE market turmoil in the wake of last month’s Brexit vote caused an unexpected dip in job advertisements at the end of June, according to Seek.

Data released today by the jobs website showed a 3.2 per cent year-on-year increase in job ads on Seek in June.

But Seek said the annual growth would have been close to 5 per cent if not for a surprise dip in the last four days of the month.

Market volatility and uncertainty in the wake of the UKs vote to leave the EU, appears to be the likely reason for this unforeseen drop in job ads on Seek in late June, Seek Employment managing director Michael Ilczynski said.

During the first week of July we saw job ads on Seek mostly bounce back to be consistent with the stronger pace of growth evident through most of June, running nearly 5 per cent above the same period in 2015 and some 15 per cent higher than the corresponding period in 2014.

Unlike the Brexit result, the uncertain outcome of the Australian election in the early days of July appeared to have no significant impact to job ads on Seek.

Mr Ilczynski said the 3.2 per cent result was still positive, despite being much lower than the 11.1 per cent recorded for the same period in 2015. The drop was mainly due to Western Australia and Queensland.

The top five sectors all recorded growth with the exception of information and consumer technology, which was down 2 per cent year-on-year. Healthcare and medical was up 6 per cent, trades and services 7 per cent, administration and support 13 per cent, and manufacturing, transport and logistics 11 per cent.

With the growing and ageing population, the federal and state governments have made investments into health and infrastructure projects to accommodate our nations long-term needs, Mr Ilczynski said.

For example, spending has been made on hospital facilities and equipment, skilled specialist staff, roads and transport infrastructure upgrades, which is having an impact on job creation.

Nationally, the Seek Employment Index increased 6.2 per cent year-on-year, pointing to favourable conditions for jobseekers with slightly less applications for each role.

In WA, Tasmania and the Northern Territory its a hirers market, according to Seek, with a higher-than-average number of candidates applying for each job.

In NSW, Victoria, South Australia and the ACT, job hunting conditions for candidates are more aligned, with a reasonable balance between jobs advertised and candidates applying, Mr Ilczynski said.