It’s official: this will boost our economy and underpin property

These figures suggest that the unemployment rate will now fall towards 5 per cent forthwith.

Furthermore, some indicators and surveys are even hinting at rising wages growth.

The trend number of unemployed persons per job vacancy has declined to its lowest level in half a decade, although there is still a bit of a way to go before this ratio rights itself in full.

The improvement in jobs vacancies was fairly broad based, with increases seen in construction, manufacturing, education, transport, and elsewhere.

And just look at New South Wales go, and unprecedented boom in jobs vacancies to the highest level ever recorded.

It looks as though Sydney’s booming economy has a few tricks up its sleeve yet as full employment hoves into view for the harbour city.

There were also notable improvements in Victoria, Queensland, and Western Australia.

The wrap

Overall, really strong numbers here, suggesting that the present rate of employment growth – at about +325,000 over the year to August – will continue over the year ahead.

Jobs vacancies tend to be a decent indicator of what’s to come, at least in the immediate future, and with vacancies now approaching 1.6 per cent of the labour force, an improvement in the unemployment rate looks like a shoo-in.

Reduced mortgage stress should therefore also follow over the year ahead as the unemployment rate falls and wages rise.

Very much an upbeat data release for Australia.