Australia’s jobs market has eased back another notch as we head towards the end of the year, but Seek’s latest reports show there’s a bit more going on under the bonnet than expected.

The latest SEEK Employment Report and SEEK Advertised Salary Index for November 2025 suggest a labour market that’s cooling gently rather than slamming on the brakes. Job ads dipped slightly, competition for roles remains fierce, and wages are still inching upwards at their fastest pace in more than a year.

There may be fewer ‘Help Wanted’ signs in the window, but jobseekers are still applying for roles  in droves and asking for more money to boot.

Job ads decline, but not by much

National job ads fell 0.5 per cent month-on-month in November. On an annual basis, the decline has slowed to 1.9 per cent, suggesting the worst of the drop may already be behind us.

SEEK Senior Economist Dr Blair Chapman says the year’s job numbers have been far from straightforward.

“This year has been a tale of two halves – the first six months demonstrated small but important growth after many months of decline, and then, since August, we have seen incremental drops month-on-month,” he says.

Some sectors are still quietly hiring. Manufacturing and Transport & Logistics both recorded modest monthly growth of 0.5 per cent, while Engineering lifted 1.1 per cent. That will be welcome news for businesses in those fields that have been struggling to find skilled staff.

On the flip side, Retail and Consumer Products saw job ads fall 3.8 per cent, while Trades and Services slipped 1.2 per cent. With Christmas casuals largely locked in and summer approaching, that slowdown isn’t entirely unexpected.

Competition is the name of the game

Despite fewer ads, applications per job ad remained unchanged for the fourth month in a row. That stability tells an important story.

“Applications per job ad, which have also stabilised since mid-year, continue to be elevated, so the market remains very competitive for candidates as job ads slow for the Christmas break,” Dr Chapman says.

Translation: For small business owners, that means hiring is still tough. You might be advertising fewer roles, but when you do, you’re likely to be flooded with CVs. Sorting the gems from the generic cover letters remains a time-consuming reality. It also means candidates have options. Even with job ads easing, demand for workers hasn’t fallen off a cliff, particularly in essential and skills-short areas.

South Australia’s growth trend continues

One outlier in the November data is South Australia, which continues to swim against the national tide.

“The standout in November is South Australia, which continues to defy the national trend with both monthly and annual growth in job ads,” Dr Chapman says.

“This points to strong underlying demand in the state, particularly for workers in the industrial and construction sectors.”

For businesses operating in or supplying into South Australia, that ongoing demand could mean even stronger competition for labour well into 2026, even as other states take a breather.

Wages on the rise

While job ads softened, salaries did the opposite. Salary growth rose 0.4 per cent month-on-month in November, the fastest monthly increase since June 2024. Annual advertised salary growth is now running at 3.8 per cent year-on-year.

According to Dr Chapman, part of that lift can be explained by who is doing the hiring.

“Although overall employment growth is slowing, a shift from the public sector to the private sector as the key driver of job growth could explain the faster wage rises,” he says.

“This is because private sector firms are more likely to use individual contracts and have greater ability to offer higher salaries than the public sector.”

“That said, the Australian Public Service Commission’s enterprise bargaining agreement specified an annual salary increase of 3.8 per cent for 2025, the annual rate of advertised salary growth that we are currently seeing,” Dr Chapman explains.

The takeaway for small biz

The report’s findings deliver a mixed message for business owners. Hiring may feel slightly less frantic than it did a year ago, but competition for good people remains strong. Wage expectations are still rising, even as job ads dip, which puts pressure on margins.

The upside is that stability is starting to return. With applications per role holding steady and job ad declines slowing, businesses have a bit more breathing room to plan hiring for 2026 rather than scrambling month to month.

Just don’t expect bargain-basement salaries to cut it. If you want to attract and keep good staff, the market is still telling you to pay up, or at least get creative with flexibility, culture and career progression.

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