8 Sep 2008

Sharp fall in job ads across Tasman

7:03 pm on 8 September 2008

The number of jobs advertised in Australia fell sharply in August, recording the biggest monthly fall in 7½ years.

Job adverts in major newspapers and on the internet fell by 4.9%, according to the latest ANZ survey.

It was the worst monthly fall since February 2001 and the fourth monthly drop in a row.

ANZ head of Australian economics Warren Hogan says the recent soft trend in the job ads survey is consistent with other indicators showing spending by consumers slowed abruptly in the first half of the year.

It also points to more interest rate cuts by the Reserve Bank of Australia, following last week's 25 basis point reduction in the official cash rate to 7%, he said.