00:00After a string of high-profile layoffs, competition for jobs in growth sectors is heating up.
00:09We have about five roles. That's a mixture of technical roles as well as business development roles.
00:14This cybersecurity start-up is hiring and has its pick of candidates.
00:19Generally right now it's an employer's market.
00:22He's right. Unemployment jumped to 4.5% last month, the highest rate in almost four years.
00:2933,900 people joined the jobless queue and just 14,900 extra people secured a job, which is not enough to keep up with population growth.
00:42More people also decided to look for work, pushing up the participation rate.
00:48What we have of course seen is that numbers do jump up and down from month to month.
00:54The Reserve Bank had forecast the unemployment rate would only be 4.3% by the end of the year.
01:01The RBA needs to provide sufficient support to households and businesses to ensure that the unemployment rate doesn't increase and we avoid recession.
01:10Financial markets now think it's more likely than not the Reserve Bank will cut interest rates when it meets next month because of the jump in the jobless rate.
01:20Providing welcome relief to borrowers but bittersweet for those who also find themselves out of work.
01:26The RBA would be foolish if they didn't cut rates when they meet in November on Melbourne Cup Day.
01:31This small business owner says every rate cut helps.
01:36That would really continue to get everybody sort of back in the real swing of business again and sort of get people starting to want to spend money.
01:47Something economists say would also save jobs.
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