Businesses are finding it increasingly difficult to find suitable staff at a time when unemployment is at its lowest in almost 50 years, but the job security it brings is helping consumers cope with cost of living pressures.
However, there is a growing feeling among economists that a sub-four per cent jobless rate could prove short-lived in the face of increasing interest rates, slowing economic growth, rising wages and as skilled migration returns.
HSBC chief economist Paul Bloxham expects the current momentum in the labour market with job vacancies and advertisements around all-time highs will see the unemployment rate at 3.6 per cent in the September quarter.
