The unemployment rate has fallen to 3.4 per cent - according to the ABS, down from 3.5 per cent, with the number of Australians employed increasing from 13.58 million to 13.61 million.

What are the effects on the job market?

There were an additional 305,000 jobs added in the 10 months of the 2022 calendar year, as wages have increased by 1 per cent over the third quarter of 2022.

Reflecting on the latest labour data, ASPL Group CEO Kris Grant shares with the Investor Daily the tightness in the job market, would place further upward pressure on wages, which could rise to 5 per cent in 2023.

“Employees switching jobs are negotiating higher rates of pay and this trend of greater bargaining power to workers and stronger wages growth is set to increase next year with an even tighter labour market.”