Nov. 7 (Bloomberg) -- Australian job notices fell in October for a fourth straight month as global financial turmoil discouraged companies from hiring, a private report showed.
Jobs advertised in newspapers and on the Internet dropped 0.7 percent last month after declining a revised 2.2 percent in September, according to an Australia & New Zealand Banking Group Ltd. report released in Melbourne today.
Employment postings reflected the nation’s two-speed economy, Ivan Colhoun, head of Australian economics and property research at ANZ Bank, said in a statement. Hiring intentions remained positive in the resource-rich areas of Queensland, Western Australia and Northern Territory, and slowed in the more populous states of New South Wales and Victoria.
The Reserve Bank of Australia cut interest rates last week for the first time in 2 1/2 years, lowering the benchmark to 4.5 percent from 4.75 percent as inflation pressure eased. Hiring has been fueled by a mining investment boom driven by China and India’s demand for iron ore, liquefied natural gas and coal.
“There is continued scope to ease interest rates towards a ‘neutral’ stance from the ‘more neutral’ stance at present,” said Colhoun, predicting the RBA will lower borrowing costs by another quarter percentage point in February. ANZ Bank predicts the unemployment rate will rise to 5.5 percent by mid-2012.
National vacancies advertised in newspapers dropped 2.7 percent in October, and Internet notices fell by 0.6 percent, today’s report showed.
Australia’s unemployment rate likely rose to 5.3 percent in October from 5.2 percent a month earlier, a government report will show on Nov. 10, according to a Bloomberg survey of 24 economists.
--With assistance from Daniel Petrie in Sydney. Editors: Brendan Murray, Garfield Reynolds
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