Job advertisements across Australia are up even though trend data is showing that unemployment remains steady and wage growth has stagnated. The latest ANZ Job Advertisements Series released on the 7th of September has shown that job advertisements is up 1% to a total of 147,510. Once seasonally adjusted the comparison to the same time last year was up 8.75% but does follow on from a fall of 0.5% in July. ANZ chief economist Warren Hogan said ANZ chief economist Warren Hogan said "This is consistent with our expectations for employment growth to moderate in the second half of the year, after a strong first half," he said.
"The recent strength in employment growth has been concentrated in a range of labour intensive services industries, however job losses in mining, mining-related construction and manufacturing are likely to weigh on employment growth over the next year.
"Growth in the Australian economy remains patchy and GDP grew only 2 per cent year on year, in the June quarter, which was the weakest growth rate in the last two years.
"With the drag from mining investment likely to continue to weigh on the economy, and non-mining activity also expanding only modestly given weak growth in both household incomes and business profits, the economy is likely to continue to grow below trend over the next year or so.
"This suggests that employment growth is unlikely to pick up meaningfully in the near-term."
Australian construction industry boosted by housing
The Performance of Construction Index released by the Australia Industry Group and the Housing Industry Association has increased by 6.7points to 53.8 in August. The guidelines for the index indicate that anything above 50 points is growth. Apartment building continues to lead even though it has slowed slightly when compared to the same time last year. Commercial construction was strong with growth up 9.4 points alongside growth in home building which grew 4.4 points to 54.4. Growth came with a warning from AIG head of Policy, Peter Burn, who said "Conditions in commercial construction are likely to be critical to the strength of the overall construction industry in coming months, with residential building already at high levels and weakness in engineering construction likely to continue for some time," Mr Burn said. Meanwhile Harley Dale, the HIA Chief Economist also weighed in:
"Conditions in commercial construction are likely to be critical to the strength of the overall construction industry in coming months, with residential building already at high levels and weakness in engineering construction likely to continue for some time," Mr Burn said.
MYOB brings tap and go to market
Meanwhile small business continues to be a source for growth with MYOB, Australia’s leading accounting solutions provider expanding its suite of services to meet mobility demand. The company has announced that its MYOB PayDirect product now accepts tap and go payments with a new contactless card reader. James Scollay, General Manager of SME says that "Conditions in commercial construction are likely to be critical to the strength of the overall construction industry in coming months, with residential building already at high levels and weakness in engineering construction likely to continue for some time," Mr Burn said.
Maroth Phan, Owner of Lucky7 Beaufort Convenience, is delighted with the introduction of the PayDirect contactless card reader which has reduced customer queue times, and enabled him to process more sales, with faster transactions.
“Having a contactless card reader is easy to manage and quicker for customers to pay. In May, MYOB introduced PayDirect for EFTPOS and this is just one more extension that makes it easier for us to transact with our customers,” Phan says.
In August 2015, MYOB PayDirect was recognised for its innovation at the iAwards by the Australian Information Industry Association as the NSW winner for New Product.
“We are always looking for ways to innovate through simplification. Introducing a contactless card reader for tap and go payments is the simplest, and most effective method for SMEs and customers to transact with one another in real time,” says Mr. Scollay.
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