Economic issues expected to persist in 2023

Companies of all sizes are continuing hiring, but at a slower rate, and full impact of economic issues is expected to be evident in 2023.

The number of workers employed by small and medium-sized businesses grew 0.1 per cent in November and 7.7 per cent annually.

Employment Hero’s small and medium sized enterprise (SMEs) health check also revealed stagnation in wages growth over the month despite an 8.6 per cent lift over the year.

CEO and founder Ben Thompson said the index had recorded a few months of marginal employee growth.

“There’s no sugarcoating that SMEs have a tough year on the horizon as economic pressures and ongoing supply chain issues take their toll,” Thompson said.

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He said demand for talent remained strong despite easing.

“It will be interesting to watch how the surge in skilled migrants and expanded visa policy will help alleviate these talent shortages and push up month-on-month employee growth,” he added.

Employee grow th was strongest in Western Australia, South Australia and the ACT.

Meanwhile, retail petrol prices have stabilised, lifting a marginal 0.6 cents a litre last week.

Motorists are forking out around $1.75 cents a litre, with wholesale prices falling a more convincing 4 cents a litre in the seven days.

Unleaded fuel prices dropped in Canberra, Perth and Hobart but rose in all other capitals, with Adelaide prices lifting sharply by 7.3 cents.

Fears of a global recession have been weighing on oil prices, offsetting upwards pressures such as the US commitment to replenish its shrinking emergency reserves.

With AAP.