According to ANZ's latest data, there were over 150,000 vacant jobs advertised across Australia in December, more than double the number of jobs advertised in April.  

However, ANZ senior economist Catherine Birch flagged a few headwinds coming in 2021.

"The end of JobKeeper in March is a key risk. We also expect to see some trade-off between unemployment and underemployment. The current spike in COVID cases is a risk as well, particularly if restrictions tighten," she said.

JobKeeper was further reduced yesterday, and is slated to cease entirely on 28 March, while underemployment has generally been at elevated levels throughout the pandemic, implying many people are not working as many hours as they would like.

The restoration of jobs in December coincides with the opening up of many states' hospitality and retail sectors, as well as an uptick in Christmas casual jobs.

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BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
5.00% p.a.
5.35% p.a.
Intro rate for 4 months
then 5.00% p.a.
$1,036
4 months
$0
$249,999
$0
$0
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
 Disclosure
4.70% p.a.
5.40% p.a.
Intro rate for 4 months
then 4.70% p.a.
$998
4 months
$250,000
$99,999,999
$0
$0
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
 Disclosure
0.00% p.a.
Bonus rate of 5.50%
Rate varies on savings amount.
5.50% p.a.
$1,128
–
$0
$99,999
$0
$0
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
 Disclosure
1.00% p.a.
Bonus rate of 4.20%
Rate varies on savings amount.
5.20% p.a.
$1,065
–
$0
$99,999,999
$1,000
$0
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
0.55% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.50% p.a.
$1,128
–
$0
$99,999
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
 Disclosure
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.

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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 . View disclaimer.

Important Information and Comparison Rate Warning

However, Ms Birch also said recent COVID spikes in New South Wales are unlikely to have a material effect on job ads.

"The ongoing strength was likely supported by Victoria, where the labour market still has ground to make up," she said.

"The fast-paced recovery in ANZ job ads means solid employment gains should continue into early-2021 at least.

"It also suggests the unemployment rate could fall quite quickly in 2021. For this to occur, we think ANZ job ads would have to exceed pre-pandemic levels for an extended period."

Job ads are up 5% on the year, and CommSec chief economist Craig James says this should translate to higher employment in the coming months, which will support spending.

"The economic recovery continues. Yesterday, data showed rising home prices and strong activity in the manufacturing sector. Today, data showed another solid lift in hiring intentions with job ads rising more than 9% December after a 13.5% gain in November," he said.

"Job ads are an important gauge on the direction of the job market and consumer spending."

"Employers only seek additional staff if business activity is strong, and more importantly, if they expect that conditions will remain favourable in coming months."

Data from the Australian Bureau of Statistics shows that while part-time jobs have led the recovery throughout the pandemic, in November, full-time jobs added amounted to more than two thirds of total jobs added.

The labour force participation rate was also 66.1% - levels not seen since January 2020.

Photo by Zhanjiang Chen on Unsplash



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