The labour market is forecast to remain the same until 2024, as the current unemployment rate hits a 50 year low.
In the latest interest rate update, RBA governer Philip Lowe confirmed conditions were unlikely to improve this year.
"The labour market remains very tight, with many firms having difficulty hiring workers. The unemployment rate was steady at 3.5 per cent in September, around the lowest rate in almost 50 years.
"Job vacancies and job ads are both at very high levels, although employment growth has slowed over recent months as spare capacity in the labour market has been absorbed.
"The central forecast is for the unemployment rate to remain around its current level over the months ahead, but to increase gradually to a little above 4 per cent in 2024 as economic growth slows."
In its latest Access Economics Retail Forecasts report, Deloitte noted that retail job vacancies have “more than doubled” since May 2019, with no signs of slowing down.
“Employment in the retail industry is lower than in May last year, down 1.2%. This is despite employment increasing 2.9% across the economy over the same period.
“Importantly, the industry is missing a key component of its workforce: migrants. In 2019, there were 93,000 migrants, that is temporary and permanent visa holders, employed in the retail industry, making up 7.6% of the retail workforce.
“Notably, retail and hospitality have a large reliance on temporary migrants compared to other industries – particularly international students.”
In October, the National Retail Association called on businesses to prepare for tough competition over Christmas casuals this year.
CEO Lindsay Carroll said the industry is reliant on sufficient labour being available across the whole supply chain.
“Santa is definitely going to need some more helpers this year. Vacancies across front line retail as well as fulfillment and delivery need to be filled to secure the workforce needed to meet the expected demand of cyber sales and Christmas shopping.
"The impacts of the border closures during Covid meant that the migrant workforce that both retail and hospitality rely on has not been as available as what it was in previous years.’’
Decjuba was among retailers to commence an early Christmas recruitment campaign this year, onboarding 240 recruits out of a target of 1000 in September.