JOB seekers are in for a difficult time as weak economic growth and uncertainty over the federal election make Australian businesses reluctant to employ new staff.
Businesses don't plan to hire in the months ahead and more job cuts and off-shoring announcements could be on the horizon, according to Dun and Bradstreet's latest Business Expectations Survey.
Hiring expectations have declined for six consecutive quarters to their lowest level in four years, with companies in the construction, manufacturing and retail sectors expecting the biggest level of employment reduction.
"With little spark to be found in the domestic economy, businesses are wary of investing, instead focusing on their core operations and controlling their costs," Dun and Bradstreet chief executive Gareth Jones said.
"It appears businesses don't see any substantial improvement in trading conditions in the new financial year to make them prepare for growth, while the upcoming federal election is also creating uncertainty and dampening new activity."
More than 40 per cent of the executives surveyed cited operational costs as their biggest barrier to growth in the September quarter, while 25 per cent cited weak demand for their product.
Almost one quarter expect that a coalition victory at the federal election would be more favourable for their operations.
Dun and Bradstreet economic adviser Stephen Koukoulas said the business sector was unambiguously preparing for weaker activity.
"Of most concern is the scaling back in employment intentions, which points to net job shedding and undoubtedly a rise in the unemployment rate in the next few months," Mr Koukoulas said.
"These business expectations point to the opportunity for the Reserve Bank to further cut interest rates."
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