The number of jobs advertised has fallen for the seventh straight month, hinting at further rises in unemployment ahead.
ANZ's monthly survey shows job ads declined 4.6 per cent in October, following a 3.9 per cent fall in September, and are now down 15 per cent on the levels recorded a year ago.
The level of job ads is now the lowest since January 2010, and ANZ's head of Australian economics Ivan Colhoun says this will translate to further increases in unemployment.
"The general trend of weaker job advertising and continuing job losses as businesses restructure and/or cut costs, suggests continuing upward pressure on the unemployment rate," he noted in the report.
"ANZ forecasts a 5.75 per cent unemployment rate in mid 2013." The Bureau of Statistics will be releasing official employment data for October on Thursday, and ANZ is forecasting around 8,000 less jobs, but unemployment steady at 5.4 per cent.
Macquarie's senior economist Brian Redican says the longer term trend for jobs is not looking good.
"It's been a deteriorating trend in the job advertisements.
We are already seeing unemployment rising to 5.4 percent, and this number shows that the pace of job shedding is actually accelerating, not declining," he told Reuters.
The ANZ report shows newspaper job advertising was particularly weak in Victoria, Western Australia and the ACT, but jumped more than 40 per cent in the Northern Territory, which is typically volatile because of its small size.