Roy Morgan Research always provides an interesting take in its employment estimates survey.
Total employment has increased by an estimated +358,000 over the past year to 11,752,000, while the total size of the workforce increased by +471,000 to a record 13,098,000.
These both represent very large increases.
However, reflecting what is also implied by the ABS labour force survey, Roy Morgan finds that some 1,229,000 Australians are under-employed, and a further 1,346,000 are unemployed.
Thus while headline employment growth remains strong, there is still slack aplenty in the workforce, going some of the way to explaining why wages growth is tracking at only +2.3 per cent (as well as why there are no interest rate hikes visible anywhere on the horizon).