ANZ Australian Job Ads fell 0.3% in January following a revised 5.8% drop in December.

The big-four bank noted despite the surge in Omicron cases, job ads remained 9.6% above the lows seen throughout the nationwide Delta-lockdown.

"Although ANZ Job Ads fell by 0.3% in January, they rose steeply on a weekly basis throughout the month, as is usual following the seasonal Christmas/New Year low," ANZ Senior Economist Catherine Birch said.

"This was despite the large number of Omicron cases in the community, reflecting the resilience in labour demand and the widespread view that Omicron would only be a temporary setback."

ANZ Job Ads Jan 2022.JPG

In December, the employment-to-population ratio hit record highs while both unemployment and underemployment dropped to their lowest rates since 2008.

"With the ABS job vacancy rate lifting to a record high of 2.9% in November, there’s even more tightening on the cards," Ms Birch said.

ANZ had previously forecast the unemployment rate to reach 4.4% by the end of 2022, before breaking into the 3's in 2023.

Ms Birch believes it now seems that an unemployment rate with a 3-handle, and lower underemployment, will come a lot sooner than initially forecasted in 2023.

"Our forecasts had wage growth reaching 3% year-on-year in the third quarter of 2022, but the risks now seem weighted towards an earlier acceleration," she said. 

Career changes to spur greater number of job ads

ANZ previously reported the arrival of the new year saw an increase of nearly 2% of the share of Aussies planning to change jobs.

"After Omicron, we expect the job-switching rate to rise as workers change to better, higher paying jobs in 2022," Ms Birch said.

"This would mean more people quitting their current jobs, which should translate into a greater number of new job ads, raising job ads data as well as the National Skills Commission measure - so we may not have seen the peak yet."


Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest

Goal Saver

  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
For customers aged 14-35 years
For customers aged 14-35 years

Future Saver Account ( < $50k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Boost Saver

      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 10, 2023. View disclaimer.

      Image by Surface via Unsplash





      Ready, Set, Buy!


      Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

      With bonus Q&A sheet and Crossword!

      By subscribing you agree to our privacy policy