Australia's Q1 Market-Sector Strength Masks Signs Of Weakness

ANZ Research highlights that Q1 employment growth in Australia is artificially inflated by anomalous gains in Administrative & Support Services. Underlying labor market conditions are softening, reinforcing expectations for RBA rate easing starting in H2 2027.

Key Takeaways

• 1.Market sector employment growth in Q1 appears overstated due to anomalous strength in Administrative & Support Services.
• 2.Non-market sector employment momentum is easing, particularly within public administration.
• 3.Labour market softening supports the view that the unemployment rate has peaked, leading to expected RBA rate cuts from H2 2027.

Table of Contents

• Australia's Q1 market-sector strength masks signs of weakness
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