Positive mood as job ads rise
A STRONG lift in job ads in June and improving business conditions suggests a positive outlook for the labour market, says the ANZ Bank.
ANZ’s latest survey shows job ads picking up momentum, rising by 2.7 per cent in June to 175,091 compared to a 0.4 per cent lift in May.
The survey also shows annual growth has improved, lifting 10.5 per cent in June, from 7.4 per cent the previous month.
Since the start of 2017, job ads have risen by 4.9 per cent.
ANZ’s head of Australian economics David Plank says business conditions, profitability and capacity utilisation have been lifting or sitting at elevated levels for a good portion of the past 12 months. FAIRFAX Media will push ahead with plans to spin off its lucrative property portal Domain after two suitors withdrew their takeover interests in the company.
The media group, which owns metro newspapers and radio networks, also announced that its overall revenue had fallen 6 per cent in the second half of the financial year.
Investors triggered a sharp fall in Fairfax’s shares which were down more than 10 per cent to 98.75¢ yesterday – their lowest level since mid- March.
Fairfax said private equity groups TPG and Hellman & Friedman pulled out due to the complex business model.
Chairman Nick Falloon said Fairfax talked with TPG after receiving a letter from Hellman & Friedman on Friday saying it would not make a bid.