More rate cuts coming as jobs market breaks down

Thursday 9 October 2025

It appears that the government-funded jobs printer of the Albo era is slowing faster than the crushed private sector economy of the Albo era can catch up.

Public spending has been much more labour-intensive than private spending, given its focus on the bedpan economy.

There is mounting evidence that this is resulting in a softening labour market. Yesterday, the ANZ-Indeed job ads index cracked a new downtrend.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.