Australia’s labor market faces rising pressure as Seek reported declining job listings and warned of more competition among job seekers. The company’s latest results signal slower employment growth ahead, with tougher conditions expected in the coming year.
Why are fewer jobs available in Australia?
Seek confirmed that job advertisements in Australia dropped by 11 percent over the past year. At the same time, more Australians are actively searching for new positions, leading to higher visits and applications per role.
Chief executive Ian Narev explained that while Asia-Pacific markets show some stabilisation, employment growth is forecast to remain flat through the 2026 financial year. He also noted unemployment in Australia is expected to rise slightly in the near term.
How is consumer confidence shifting after rate cuts?
Consumer sentiment in Australia improved in August following the Reserve Bank’s decision to reduce interest rates for the third time this year. The Westpac survey reported a 5.7 percent increase, lifting sentiment to 98.5 points, the strongest result in three and a half years.
Pessimists remain in the majority, but the difference is narrowing. Consumers are becoming more optimistic about their financial prospects, and all of the sub-indices are expected to have gained during the month. This reflects an improvement in line with anticipations of an additional reduction in borrowing cost.
What is driving market performance today?
The Australian share market took a negative step in the middle of the day’s trade as it fell off all-time highs, as economies around the globe recorded reduced activity in trade last night. At noon, the S&P/ASX200 was 44 points, or 0.9 percent, lower at 8913.7, and the All Ordinaries slipped 62.1 points.
Capital.com analyst Kyle Rodda mentioned investors are wary of the Jackson Hole Symposium, where central bankers will deliberate on the long-term policy outlook. Industrial sectors like healthcare and energy were the worst hit, and information technology booked relatively small gains.
Why is iiNet facing scrutiny after a cyber breach?
Internet provider iiNet confirmed that a breach occurred in its order management system, exposing customer information, including email addresses and phone numbers. The incident involved about 280,000 active iiNet email addresses and 20,000 landline numbers.
Additionally, usernames, home addresses, and modem passwords for a smaller number of users were also accessed. The company stressed that no credit card or identification documents were affected, as these were not stored in the compromised system.
Which companies reported earnings updates?
Several Australian companies published financial results, with mixed outcomes across different sectors. ARB, the 4WD accessories manufacturer, posted a 5.3 percent rise in sales revenue to $729 million but saw profit fall 5 percent to $97.5 million. Despite the decline, the company announced both a final and special dividend, raising total payouts.
Construction and engineering contractor Monadelphous said it had a better performance with a result increase of 34.6 percent, with profit up to 83.7 million, because it had done more work in energy and resources. According to the company, the long-term demand will persist in both the building and maintenance sectors.
What new contract has Austal secured?
Shipbuilder Austal won a new deal to build a 36-meter catamaran for Cruise Whitsundays, valued at up to $16 million. The vessel, with a 390-passenger capacity, will be delivered by the company’s Vietnam yard in 2026.
The catamaran will operate resort connections in the Whitsundays region of Queensland. Chief Executive Paddy Gregg said the contract followed a competitive process and demonstrated Austal’s ability to collaborate with both customers and partners.
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Market outlook
Australia’s labor market continues to soften with fewer roles available, while consumers are showing stronger confidence on the back of rate cuts. Share market performance reflects caution ahead of global events, and earnings reports show varied conditions across industries. Cybersecurity remains a concern as service providers respond to data breaches, while contract wins in tourism support growth in regional sectors.
