Australia's job market has turned the corner, according to leading economists, who point to slowing business activity in addition to an uptick in the unemployment rate. The Business Council says business conditions must be addressed, while the treasurer says the slowdown is an inevitable consequence of rising rates, persistent inflation and global uncertainty.
ANZ senior economist Catherine Birch says the rate at which the labour market loosens will influence the RBA's rates decisions throughout the year. Economists say the employment market has turned and it's going to be harder to land a job during the next six months as the economy slows. "I absolutely think the jobs market is slowing right down," CreditorWatch chief economist Anneke Thompson told ABC's PM program. Official data this week showed the unemployment rate bouncing up to a two-year high of 4.1 per cent, as an estimated 22,000 jobs were shed in January. CreditorWatch monitors business activity month to month by looking at the total value of all invoices made by firm