Minutes Show No Real Worry Re: Labour Market

"Members discussed the strength in the recent run of labour market outcomes. Employment had returned to pre-pandemic levels considerably faster than expected. There had also been a shift in growth from part-time to full-time employment. Forward-looking indicators of labour demand had remained strong, with job vacancies and advertisements above pre-pandemic levels, and employment intentions trending higher. This partly reflected the need for firms to rehire for positions vacated during the pandemic and a period of catch-up in hiring that had been delayed in 2020. These indicators suggested that at least some of the job losses that were likely to follow the end of the JobKeeper program would be offset by new hiring. As a result, while the overall recovery in the labour market was expected to pause in the period ahead, this was expected to be only temporary. Members also noted it was likely that the full effect of the end of the JobKeeper program would become apparent over several months."