Australia's Job Ads Slump for Sixth Straight Month
The job market outlook isn’t a pretty one, according to the latest survey released by ANZ Banking Group Ltd.
For the sixth consecutive month, job placements in Australia have declined, with the ANZ Job ads index reporting a 2.8 per cent drop in September. According to the Sydney Morning Herald, this puts the level of job ads 10.8 per cent lower than last year.
Weak job growth in key mining states such as Western Australia and Queensland, a murky outlook on Asia’s commodity demands, and a decline in newspaper advertising (3.6 per cent) and internet ads (2.7 per cent) all impacted the survey’s figures.
"Consistent with some recent project delays and cancellations in the mining sector, along with falls in the prices of Australia's key commodity exports, newspaper job advertisements in the mining states of Western Australia and Queensland declined in September," ANZ head of Australian Economics and Property Research Ivan Colhoun told the SMH.
According to reporting by the Australian Business Times, Mr Colhoun indicated that the job ads slump signified a “softening Australian labour market” and that Australia’s 5.3 per cent unemployment rate – up 0.2 per cent from August – would likely rise.
"Given the evidence of a mild contraction in labour hiring intentions across Australia, we expect the labour market to continue to soften, and for the unemployment rate to drift higher in coming months," he said.
Though the official unemployment figures will not be released until Thursday, the Reserve Bank is cutting the official rate to 3.25 this month. If the ANZ survey’s data matches that of the official numbers, that “will just get the market even more excited about RBA rate cuts,” said Joseph Capurso, a Sydney-based strategist at Commonwealth Bank of Australia (CBA), to Businessweek.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.