May 2023 Survey: Skilled Job Fill Rates on the Rise, Hinting Possible Softening in the Australian Labour Market
The Australian labour market may be softening as more skilled vacancies are being filled. According to a recent Jobs and Skills Australia report by Jobs and Skills Australia, the fill rate for skilled occupations has been rising, indicating potential softening in the labour market. The Skills Shortage Quarterly (SSQ) report showed that the national fill rate for skilled jobs, which typically require higher qualifications, stood at 63% in the March 2023 quarter. This represents an increase from 59% in the December 2023 quarter – and from 56% in the March 2022 quarter.
The report also notes that recruitment difficulty has eased, and job ads have remained relatively stable. While the number of applicants and suitable applicants per vacancy showed little quarterly change, both figures have significantly increased over the past year. In the March 2023 quarter, there were an average of 14.1 applicants per vacancy, up from 10.1 in March 2022. Meanwhile, there were 2.4 suitable applicants per vacancy, up from 1.7 in March 2022.
The report suggests that the shortage of skilled workers in the Australian labour market may decrease if fill rates continue to increase. The number of qualified and suitable applicants per vacancy rises. In the future, if the fill rates continue to improve and the number of eligible and appropriate candidates per vacancy increases, the shortage of skilled positions may be resolved.
Check out our blog page for more news and updates.
