As we navigate through this difficult time of COVID-19, we will be posting regular updates on the state of the Perth job market. Click the video below to watch our latest update.
The Perth job market is booming!
From May 2020 until today, we have seen the biggest ever increase in the number of new job ads posted on SEEK for Perth over such a short period of time.
The main driver of this growth has been the Australian Federal Government. Since April 2020, the government has implemented a number of initiatives to pour money into the country's economy. The biggest of which is JobKeeper. With $101 billion distributed, it has been able to support 3.5 million people.
Because of these payments, many WA businesses have had great operating conditions during the COVID-19 pandemic. Subsequently, overall employer confidence in WA is high and the number of job ads on SEEK is a great reflection of this.
Recovering from the biggest drop since the GFC
Every morning since 2008, I have recorded the number of job ads posted on SEEK for Perth. When COVID-19 hit Australia, the number of job ads posted in Perth dropped by 63% in a span of just five weeks.
This was a massive drop.
It was the same percentage drop we saw during the GFC. However, during the GFC, this occurred over a six month period, whereas it only took five weeks from the first COVID-19 lockdown.
After this massive drop in the number of job ads posted, we have had an amazing recovery. Not only have we recovered all the job ads lost, but there are now more ads posted on SEEK for Perth than there were before COVID-19. The speed of the recovery has been amazing - we went from 3,500 ads on the 1st of May 2020 to 15,500 in February 2021. This is an increase of over 300% in just nine months.
We have not had this many job ads posted on SEEK Perth since 2012 - the year where the post-GFC mining boom ended. The number of job ads are likely to continue to climb as the Australian borders remained closed, and we have no immigration to boost the workforce. As of the 1st of June 2021, the number of job ads has reached 17,500.
According to the Federal Government's October budget, Australia's overall population growth is expected to be just 0.2% in 2021 - the slowest growth in over a century. Additionally, we have no travelers coming in with working holiday visas either, so many employers in WA will most likely find it difficult to source new employees in 2021.
For job hunters, this is great news as there will be more opportunities and jobs to choose from.