SYDNEY - The number of jobs advertised online and in newspapers rose for the fifth straight month in September, increasing the chance of pulling the jobless rate below 5 per cent by the end of the year, a survey shows.
But an economist warns that such a low rate ofunemployment could cause inflation to pick up, causing the Reserve Bank of Australia to lift interest rates further next year.
The ANZ Job Advertisements Survey showed the total number of jobs advertised in major metropolitan newspapers and on the internet rose by 0.7 per cent in the month, to a seasonally adjusted average of 177,380 per week.
The series is now 32.9 per cent higher than a year ago, but is still below the record 40.2 per cent increase achieved in the year to May 2007.
ANZ chief economist Warren Hogan said the continued growth in job advertisements over September increased the likelihood of the unemployment rate falling below 5 per cent by year-end.
"Indeed, with Australian economic growth forecast to accelerate strongly over 2011-12, we would expect the labour market to tighten further and for wage pressures to intensify," he said yesterday.
The current jobless rate is 5.1 per cent, official figures show.
The ANZ survey also showed that the increase in job advertisements was not broad based.
The rise was driven entirely by a 0.8 per cent rise in internet job advertisements. In contrast, newspaper job advertisements fell 1.9 per cent.
In annual growth terms, newspaper job advertisements are rising in New South Wales, Victoria, Western Australia, Tasmania and the Territories but are falling in Queensland and South Australia, the survey showed.
