“And it’s common knowledge now that more and more people are deciding to go on holiday at home,” Mr Ratcliffe said.ANZ economist Riki Polygenis said the number of internet and newspaper job advertisements nationwide had fallen sharply in December – the eighth consecutive month of decline. The annual growth rate for newspaper job advertising is 51.8 per cent, the weakest since December 1982.”This suggests we will see further significant deterioration in the labour market and this means a rise in unemployment,” Ms Polygenis said.ANZ head of economics Warren Hogan said the survey provided further evidence that demand for new labour across Australia was now at recession levels. “ANZ is forecasting the unemployment rate to rise to six per cent in 2009, up from the current rate of 4.4 per cent,” he said. “Newspaper job advertising has slumped since the intensification of the financial crisis in mid-September last year, having declined by more than 30 per cent over the course of the final three months of 2008.”Mr Hogan said despite a rise in unemployment, Australia remained in a relatively strong financial position compared to the periods of previous recessions.
This article first appeared in Hangzhou Night Net.