Promising jobs data fuels hopes of soft landing

Latest job figures from the ABS show signs of a slowing down in the labour market. (Diego Fedele/AAP PHOTOS)

Plenty of jobs are being created that are readily being filled by an expanding workforce.

About 61,000 jobs were added to the economy in November, according to a labour market update from the Australian Bureau of Statistics, which was well above a 10,600 lift pencilled in by forecasters.

The bulk of these jobs, about 57,000, were full-time gigs. Part-time employment grew by 4500. 

Despite the robust jobs growth, the unemployment rate moved higher to 3.9 per cent in November, from an upwardly revised 3.8 per cent in October.

AMP Australia deputy chief economist Diana Mousina said high population growth was underpinning strong monthly gains in employment.

Workers on a building site at Barangaroo Point in Sydney
About 61,000 jobs were added to the economy in November, ABS data shows.

Separate data released by the national statisticians showed Australia’s population growing by a record 624,100 over the year to June, with strong net overseas migration playing a key role.

Ms Mousina said there were more people looking for work, which led to a higher unemployment rate and was reflected in the participation rate reaching a new high of 67.2 per cent.

HSBC's chief economist for Australia, Paul Bloxham, said the nation was tracking towards the soft landing it was hoping for.

"The key positive is that strong labour demand is being met by strongly boosted labour supply," Mr Bloxham wrote in a note.

He said the jobs market was loosening up primarily from the supply side, which was taking pressure off wages growth without job opportunities disappearing entirely and piling pressure on household finances.

"A strong jobs market is a key factor that has meant that despite the sharp rise in interest rates, mortgage arrears and defaults remain low," he said. 

But with the labour market showing gradual signs of loosening, including a gradual uptick in the unemployment rate and average hours worked trending lower, the economist said the RBA was likely done lifting interest rates. 

Sydney airport.
Australia’s population grew by a record 624,100 over the year to June.

"However, given the still strong labour demand and only gradually loosening jobs market, the RBA is also unlikely to be in a hurry to cut its cash rate anytime soon," Mr Bloxham said.

Treasurer Jim Chalmers said the dataset was not enough to assure a soft landing but it was a promising set of numbers. 

"This does give us some confidence that we approached the uncertainties of 2024 from a position of strength," he said.

Opposition workplace relations spokeswoman Michaelia Cash said decisions made on industrial relations laws would make life more difficult for workers and businesses.

“The Albanese government has no plan for lifting productivity in this country and the new industrial relations laws will only hurt productivity,’’ she said.

License this article

What is AAPNews?

For the first time, Australian Associated Press is delivering news straight to the consumer.

No ads. No spin. News straight-up.

Not only do you get to enjoy high-quality news delivered straight to your desktop or device, you do so in the knowledge you are supporting media diversity in Australia.

AAP Is Australia’s only independent newswire service, free from political and commercial influence, producing fact-based public interest journalism across a range of topics including politics, courts, sport, finance and entertainment.

What is AAPNews?
The Morning Wire

Wake up to AAPNews’ morning news bulletin delivered straight to your inbox or mobile device, bringing you up to speed with all that has happened overnight at home and abroad, as well as setting you up what the day has in store.

AAPNews Morning Wire
AAPNews Breaking News
Breaking News

Be the first to know when major breaking news happens.


Notifications will be sent to your device whenever a big story breaks, ensuring you are never in the dark when the talking points happen.

Focused Content

Enjoy the best of AAP’s specialised Topics in Focus. AAP has reporters dedicated to bringing you hard news and feature content across a range of specialised topics including Environment, Agriculture, Future Economies, Arts and Refugee Issues.

AAPNews Focussed Content
Subscription Plans

Choose the plan that best fits your needs. AAPNews offers two basic subscriptions, all billed monthly.

Once you sign up, you will have seven days to test out the service before being billed.

AAPNews Full Access Plan
Full Access
AU$10
  • Enjoy all that AAPNews has to offer
  • Access to breaking news notifications and bulletins
  • Includes access to all AAPNews’ specialised topics
Join Now
AAPNews Student Access Plan
Student Access
AU$5
  • Gain access via a verified student email account
  • Enjoy all the benefits of the ‘Full Access’ plan at a reduced rate
  • Subscription renews each month
Join Now
AAPNews Annual Access Plan
Annual Access
AU$99
  • All the benefits of the 'Full Access' subscription at a discounted rate
  • Subscription automatically renews after 12 months
Join Now

AAPNews also offers enterprise deals for businesses so you can provide an AAPNews account for your team, organisation or customers. Click here to contact AAP to sign-up your business today.

SEVEN DAYS FREE
Download the app
Download AAPNews on the App StoreDownload AAPNews on the Google Play Store