00:00There's a growing sense of unease among Australia's workforce.
00:06If masses of people get laid off, all of a sudden getting jobs is going to be a lot harder.
00:11Business owners are saving costs where they can.
00:14Something had to give unfortunately and it was the staff that had to let go.
00:18And it's not just small operations slashing staff.
00:21The jobs of thousands of BHP employees across the state are in limbo.
00:26West Australian mining company Fortescue will axe about 700 jobs.
00:30The unemployment rate edged higher in June to 4.1%.
00:35That's despite more than 50,000 jobs being created and nearly 10,000 workers joining the jobless queue.
00:42Westpac's economics team hasn't ruled out more layoffs.
00:46Responses around the labour market have softened over the last few months.
00:50So we may be coming into a bit more of an unsettled period for the labour market more generally.
00:56For those out of work, it's getting harder to find a job.
01:00Fewer roles are being advertised and more people are applying for them.
01:05There is a lot of interest in candidates looking for other opportunities.
01:09One of the main drivers for that is actually people wanting to find roles that pay better to try and respond to the cost of living crisis.
01:16The big question of course is whether this latest jobs rating will determine the Reserve Bank's next interest rate decision.
01:23Most economists don't think it will.
01:26The June quarter inflation data, due just days before its August meeting, will have a much bigger sway.
01:33If it comes in higher than expected, a 14th rate hike isn't out of the realm of possibility.
Comments