ANZ Job Ads Jan-13.pdf

7/29/2019 ANZ Job Ads Jan-13.pdf

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ANZ RESEARCH

1

MEDI A RELEASE

Embargoed until 11:30am, Monday 4 February 2013

JOB ADVERTI SI NG RELATI VELY UNCHANGED I N JANUARY

Hi gh l i gh t s

After 10 consecutive monthly declines, job advertisements fell 0.9% in January. Within the context of thevery large swings that occur in job advertising over the December/January holiday period this can bebroadly characterised as a flat outcome in the month. As in previous years, it will not be until Februarydata are released in early March that a clearer read on recent job advertising trends becomes available.

The result follows particularly large falls in job advertising towards the end of 2012 with the number ofadvertisements declining by around 15% in the final four months of the year. In January, job advertisingon the internet fell 0.6%, while newspaper job ads fell 9.2%. The total number of job advertisements inJanuary was nearly 30% below the most recent peak in April 2011. The trend in job advertising remainsin decline.

Newspaper job advertising in the Northern Territory rose solidly - the only state to exhibit such strength.The largest falls in newspaper advertising were recorded in Victoria, Western Australia and Queensland,though again given the large seasonal swings, we would caution about reading too much into the Januarydata. In trend terms, newspaper job advertising is declining in all states and territories except theNorthern Territory and Tasmania.

ANZ Head o f Aust ra l ian Econom ics & Proper t y Research , I van Co lhoun sa id :

Following some notable weakness at the end of last year, job advertising was broadly unchanged inJanuary. Given the large seasonal swings in job advertising over the December/January period (andassociated difficulties with seasonal adjustment), we will need to assess the February data to ascertainwhether the previous decline in job advertising is beginning to moderate.

Among the states, the Northern Territory has continued to do particularly well due to the size of its mega-LNG projects relative to the states GDP. In the other mining states (Western Australia and Queensland),job advertising trends have continued to ease, albeit at a slightly reduced rate in trend terms in January.Given the continuing focus of resource firms on cost reductions, we do not expect to see a significantrecovery in job advertising in these states in the near term.

The ABS releases January labour force data next Thursday (7 February). ANZ expects the unemployment

rate to have risen slightly to 5.5% and for employment to have risen by around 15,000. We expect growthin the Australian economy to be below trend this year as the economy transitions towards a lowerdependence on mining investment. Q4s moderate CPI figures indicate that inflation concerns should notbe a constraint on any further decisions by the RBA to reduce official interest rates. Without furthermonetary policy stimulus, the risk is that the unemployment rate drifts higher, to or above 5% by midto late this year.

That said, we expect the RBA to leave interest rates unchanged at its February board meeting, while itassesses incoming data to see if and when further monetary accommodation is required.


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ANZ RESEARCH

2

AN Z JOB ADVERTI SEMENTS SERI ES RELEASE DATES FOR 20 13

FOR DATA COVERI NG: AN Z RELEASE DATES:

February 2013 4 March 2013

March 2013 8 April 2013

April 2013 6 May 2013

May 2013 3 June 2013

June 2013 8 July 2013

July 2013 6 August 2013

August 2013 9 September 2013

September 2013 7 October 2013

October 2013 4 November 2013

November 2013 9 December 2013

For further comment contact: For data enquiries contact: For media and distributionenquiries contact:

I van Co lhoun Sav i t a S ingh V i ct o r i a Kanevsky

Head of Australian Economics &Property Research

Economic Analyst Media Relations Advisor

Tel: (02) 9227 1780 Tel: (02) 9227 1500 Tel: (03) 8654 4469Email:[email protected]

Email:[email protected]

Email:[email protected]

Next re lease: February 2013 Expected re lease da te : Monday 4 March 2013

N ote fo r ed i to r s :

For some of the newspapers surveyed, the ANZ Job Advertisements series counts the number of advertisement bookings.Each booking may contain multiple advertisements. In addition, the ANZ series counts classified advertisements only, anddoes not include display advertisements. For these reasons, it would be incorrect to draw any inference or correlation from theANZ series regarding advertising volumes or revenues from employment advertising in the newspapers surveyed. The ANZseries is not intended to, and should not, be used to assess the financial performance of any of the newspapers included in it.


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ANZ RESEARCH

ANZ JOB ADVERTI SEMENTS SERI ES

T ot a l j ob ads (new spaper & i n t e rne t )

50

100

150

200

250

300

00 01 02 03 04 05 06 07 08 09 10 11 12 13

'000

perweek

Seasonal ly Adjusted

Trend

Change i n new spaper , i n t e rne t & t o t a l j ob adve r t i semen t s

-60

-40

-20

0

20

40

60

01 02 03 04 05 06 07 08 09 10 11 12 13

y/y%c

hange,seasonallyadjusted

News a er Internet Total 3


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ANZ RESEARCH

Gr o w t h i n t o t a l j o b a d v e r t i se m e n t s & e m p l o y m e n t

-60

-40

-20

0

20

40

60

95 97 99 01 03 05 07 09 11 13

y/y%c

hange,seasonallyadjusted

-2.0

-0.5

1.0

2.5

4.0

5.5

7.0

y/y%change,seasonallyadjusted

Newspaper job ads 6 months forward (lhs) Employment (rhs) Jo b a d v e r t i se m e n t s & u n e m p l o y m e n t r a t e

3.5

4.0

4.5

5.0

5.5

6.0

6.5

03 04 05 06 07 08 09 10 11 12 13

Percent

0.3

0.7

1.1

1.5

1.9

2.3

2.7

Percentoflabourforce,inverted

Unemployment rate (LHS) ANZ job ads (RHS)

4


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ANZ RESEARCH

Sta te & t e r r i t o r y new spape r da taN ew S ou t h W a les

0

2

4

6

8

10

12

14

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

'000,jobadsperweek

Seasona l ly Ad j us ted

Trend

Vic to r ia

0

1

2

3

4

5

6

7

8

9

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

'000,

jobadsperweek


Trend

5


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Queensland

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

'000,

jobadsperweek


Trend

Weste rn Aust ra l i a

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

'000,

jobadsperw

eek


Trend

6


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ANZ RESEARCH

Sou th Aust ra l i a

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

'000,

jobadsperweek


Trend

Tasmania

200

250

300

350

400

450

500

550

600

650

700

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

Jobadsperweek


Trend

7


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ANZ RESEARCH

ACT

200

300

400

500

600

700

800

900

1,000

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

Jobadsperweek

Seasonal ly Adjusted Trend

Nor the rn Te r r i to ry

100

150

200

250

300

350

400

450

500

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

Jobadsperweek Seasonal ly Adjusted

Trend

8


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ANZ RESEARCH

T ab le 1 : Ave rage t o t a l num ber o f new spape r and in t e rne t j ob adve r t i semen t s pe r w eek Aus t ra l i a

Or i g in a l Se as on a ll y a d j u st e d ( a ) Tr e n d e st i m a t e ( b )

N um b er Nu m ber Mon t h Year ( c) Nu m ber Mo nt h Year

2 0 0 7 - 0 8 242,109 40.9

2 0 0 8 - 0 9 184,361 -26.5

2 0 0 9 - 1 0 136,960 -21.8

2 0 1 0 - 1 1 174,202 25.4

2 0 1 1 - 1 2 166,698 -4.6

D ec 2010 159,446 180,947 2.7 32.1 177,981 1.0 32.3

Jan 201 1 136,440 178,182 -1.5 41.5 178,830 0.5 28.7

Feb 201 1 167,873 176,391 -1.0 17.4 178,832 0.0 24.2M a r 2 0 1 1 173,309 178,953 1.5 16.9 178,250 -0.3 19.4

A p r 2 0 1 1 167,124 182,437 1.9 18.3 177,275 -0.5 14.9

M a y 2 0 1 1 163,541 169,386 -7.2 7.8 176,085 -0.7 11.0

Ju n 2 0 1 1 168,926 175,929 3.9 8.0 174,861 -0.7 7.

Ju l 2011 169,538 174,992 -0.5 6.5 173,419 -0.8 5.

A u g 2 0 1 1 172,466 171,922 -1.8 2.2 171,519 -1.1 2.

S ep 201 1 173,960 169,400 -1.5 -1.1 169,375 -1.2 -1.1

Oct 201 1 169,921 167,769 -1.0 -3.1 167,339 -1.2 -3.8

N o v 2 0 1 1 164,337 166,534 -0.7 -5.5 165,770 -0.9 -6.0

D ec 2011 141,183 160,586 -3.6 -11.3 164,985 -0.5 -7.3

Jan 201 2 125,955 163,873 2.0 -8.0 165,096 0.1 -7.7

Feb 201 2 161,503 167,681 2.3 -4.9 165,484 0.2 -7.5

M a r 2 0 1 2 164,169 167,663 0.0 -6.3 165,473 0.0 -7.2A p r 2 0 1 2 152,693 166,087 -0.9 -9.0 164,933 -0.3 -7.0

M a y 2 0 1 2 157,368 161,883 -2.5 -4.4 163,501 -0.9 -7.1

Ju n 2 0 1 2 154,592 160,232 -1.0 -8.9 160,977 -1.5 -7.9

Ju l 201 2 154,720 158,911 -0.8 -9.2 157,525 -2.1 -9.2

A u g 2 0 1 2 156,646 154,999 -2.5 -9.8 153,375 -2.6 -10.

Sep 201 2 154,412 149,225 -3.7 -11.9 148,815 -3.0 -12.

Oct 20 12 145,165 142,558 -4.5 -15.0 144,081 -3.2 -13.

N o v 2 0 1 2 138,171 138,748 -2.7 -16.7 139,800 -3.0 -15.

D ec 2012 119,643 134,881 -2.8 -16.0 136,040 -2.7 -17.

Jan 201 3 103,947 133,649 -0.9 -18.4 133,022 -2.2 -19.

Per cent change Per cent change

8

0

0

6

1

9

7

5

4

(a) Concurrent seasonal adjustment method (see Technical Appendix for further details).

(b) The trend estimates have been derived by applying a 13-term Henderson moving average to the seasonally adjustedseries. This smoothing technique enables estimates to be produced for the latest month, but it also results in revisions to the

most recent six months as additional observations become available.(c) Annual changes are on a year average basis.

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T ab le 2 : Average num ber o f new spaper j ob adve r t i sem en t s pe r week Aus t r a l i a

Or i g in a l Se as on a ll y a d j u st e d ( a ) Tr e n d e st i m a t e ( b )

N um b er Nu m ber Mo nt h Year ( c) N um b er Mo nt h Year

2 0 0 7 -0 8 19,283 -3.7

2 0 0 8 -0 9 11,187 -42.6

2 0 0 9 -1 0 9,117 -17.3

2 0 1 0 -1 1 9,203 0.4

2 0 1 1 -1 2 7,724 -16.1

Dec 2010 5,855 8,981 -5.3 -9.0 9,307 -0.5 -0.7

Jan 20 11 7,830 9,081 1.1 5.7 9,272 -0.4 -2.2

Feb 201 1 10,620 9,436 3.9 -3.8 9,220 -0.6 -3.2

Mar 2011 9,807 9,363 -0.8 -4.6 9,118 -1.1 -4.2

A p r 2 0 1 1 7,922 8,962 -4.3 -6.8 8,957 -1.8 -5.6

May 2011 8,780 8,686 -3.1 -4.0 8,746 -2.3 -7.6

Jun 2011 7,887 8,414 -3.1 -10.7 8,507 -2.7 -

Ju l 2011 8,318 8,284 -1.5 -12.8 8,292 -2.5 -

A u g 2 0 1 1 8,763 8,076 -2.5 -15.7 8,158 -1.6 -

Sep 2011 9,329 8,122 0.6 -12.8 8,097 -0.7 -

Oct 20 11 9,037 7,994 -1.6 -16.6 8,058 -0.5 -

N o v 2 0 1 1 8,661 7,972 -0.3 -15.9 7,998 -0.7 -

Dec 2011 4,853 8,132 2.0 -9.5 7,901 -1.2 -

Jan 201 2 7,547 7,935 -2.4 -12.6 7,767 -1.7 -

Feb 2012 8,256 7,325 -7.7 -22.4 7,610 -2.0 -

Mar 2012 7,646 7,308 -0.2 -21.9 7,436 -2.3 -

A p r 2 0 1 2 6,525 7,361 0.7 -17.9 7,265 -2.3 -

May 2012 7,240 7,172 -2.6 -17.4 7,082 -2.5 -

Jun 2012 6,510 6,938 -3.3 -17.5 6,880 -2.9 -

Ju l 2012 6,718 6,676 -3.8 -19.4 6,636 -3.5 -

A u g 2 0 1 2 6,810 6,283 -5.9 -22.2 6,374 -3.9 -

Sep 201 2 6,949 6,071 -3.4 -25.3 6,103 -4.3 -

Oct 20 12 6,600 5,846 -3.7 -26.9 5,848 -4.2 -

Nov 2012 6,069 5,577 -4.6 -30.0 5,627 -3.8 -

Dec 2012 3,384 5,582 0.1 -31.4 5,425 -3.6 -

Jan 20 13 4,758 5,071 -9.2 -36.1 5,262 -3.0 -


10.0

12.3

13.6

14.3

14.3

14.5

15.1

16.2

17.5

18.5

18.9

19.0

19.1

20.0

21.9

24.6

27.4

29.6

31.3

32.2

(a) Concurrent seasonal adjustment method (see Technical Appendix for further details).

(b) The trend estimates have been derived by applying a 13-term Henderson moving average to the seasonally adjustedseries. While this smoothing technique enables estimates to be produced for the latest month, it does result in revisions to themost recent six months as additional observations become available.(c) Annual changes are on a year average basis.

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ANZ RESEARCH

T ab le 3 : Ave rage number o f n ew spaper j ob adve r t i semen t s pe r w eek - S t a t es and T er r i t o r i es

Or i g in a l Se as on a ll y a d j u st e d T r en d e st i m a t e

N u m b e r N u m b e r M o n t h Ye a r N u m b e r M o n t h Y ea r

New Sou th Wa les

A u g 2 0 1 2 2,092 1,911 -5.8 -17.5 1,926 -4.2 -17.4

Sep 201 2 2,107 1,813 -5.1 -21.0 1,814 -5.8 -20.7

Oct 20 12 1,974 1,717 -5.2 -23.3 1,701 -6.2 -24.2

N o v 2 0 1 2 1,686 1,553 -9.6 -30.0 1,601 -5.9 -27.0

Dec 2012 906 1,521 -2.0 -27.9 1,510 -5.6 -29.5

Jan 201 3 1,215 1,404 -7.7 -37.3 1,437 -4.9 -31.5

V ic to r i a

A u g 2 0 1 2 1,079 1,006 -8.3 -33.7 1,021 -3.2 -32.4

Sep 201 2 1,159 1,009 0.3 -31.2 984 -3.7 -32.7

Oct 20 12 1,040 921 -8.8 -35.2 941 -4.4 -34.2

N o v 2 0 1 2 957 892 -3.2 -35.5 898 -4.5 -36.0

Dec 2012 549 893 0.1 -35.4 857 -4.6 -37.8

Jan 201 3 660 769 -13.9 -44.8 820 -4.3 -38.9

Queens land

A u g 2 0 1 2 701 638 -7.4 -9.6 651 -3.3 -11.3

Sep 201 2 722 606 -4.9 -20.2 629 -3.4 -17.2

Oct 20 12 711 606 0.0 -22.8 608 -3.3 -23.0

N o v 2 0 1 2 648 586 -3.2 -29.7 590 -3.0 -27.3

Dec 2012 391 643 9.6 -24.5 572 -3.0 -30.3

Jan 201 3 475 489 -23.9 -40.0 556 -2.9 -31.7

Sou th Aus t ra l i a

A u g 2 0 1 2 609 577 -2.5 -17.9 580 -2.3 -17.7

Sep 201 2 608 561 -2.7 -18.8 560 -3.4 -18.4

Oct 20 12 590 529 -5.8 -21.6 538 -3.8 -18.9

N o v 2 0 1 2 611 532 0.6 -14.8 519 -3.6 -18.9

Dec 2012 298 488 -8.2 -21.5 502 -3.4 -19.0

Jan 201 3 487 486 -0.5 -19.7 489 -2.5 -18.9


The above data are based on information provided by the following newspapers: The Sydney Morning Herald andThe Daily Telegraph (NSW); The Age and The Herald-Sun (Victoria); The Courier-Mail (Queensland); and TheAdvertiser (South Australia).

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ANZ RESEARCH

Average number o f new spape r j ob adve r t i semen t s pe r w eek - St a t es and Te r r i t o r i es Or i g in a l Se as on a ll y a d j u st e d T r en d e st i m a t e

N u m b e r N u m b e r M o n t h Y ea r N u m b e r M o n t h Y ea r

Wes te rn Aus t ra l i a

A u g 2 0 1 2 1,396 1,309 -3.7 -19.0 1,264 -5.8 -25.6

Sep 201 2 1,336 1,175 -10.2 -33.9 1,193 -5.6 -30.8

Oct 20 12 1,232 1,096 -6.7 -36.4 1,133 -5.1 -35.5

N o v 2 0 1 2 1,109 1,013 -7.6 -42.3 1,086 -4.1 -38.8

Dec 2012 686 1,131 11.7 -39.7 1,049 -3.4 -40.9

Jan 201 3 1,020 1,024 -9.5 -41.7 1,022 -2.6 -41.6

Tasman ia

A u g 2 0 1 2 272 257 -13.8 -31.4 278 -4.1 -25.1

Sep 201 2 296 267 3.9 -19.7 270 -3.0 -26.8

Oct 20 12 284 253 -5.4 -34.5 266 -1.5 -28.1

N o v 2 0 1 2 308 276 9.1 -28.2 265 -0.2 -28.4

Dec 2012 202 283 2.9 -23.7 266 0.2 -27.7

Jan 201 3 285 258 -9.1 -31.1 267 0.4 -25.8

ACT

A u g 2 0 1 2 396 363 4.6 -21.1 343 -3.2 -25.3

Sep 20 12 407 344 -5.3 -22.1 329 -4.2 -26.1

Oct 20 12 317 298 -13.3 -29.3 313 -4.9 -27.5

N o v 2 0 1 2 306 286 -4.0 -31.3 298 -4.9 -28.9

Dec 2012 152 282 -1.7 -32.9 284 -4.5 -30.2

Jan 201 3 261 278 -1.5 -29.1 273 -3.9 -31.4

N o r t h e r n T e r r i t o r y

A u g 2 0 1 2 265 222 -16.1 -41.5 311 -1.9 -10.9

Sep 20 12 315 296 32.8 -17.4 324 4.2 -10.7

Oct 20 12 452 426 44.0 23.9 348 7.4 -7.2

N o v 2 0 1 2 446 440 3.4 23.5 370 6.3 -3.8

Dec 2012 199 341 -22.4 -31.7 385 3.9 -2.0

Jan 201 3 355 365 7.0 0.7 399 3.7 -0.4

Per cen t change Per cen t change

The above data are based on information provided by the following newspapers: The West Australian (WesternAustralia); The Mercury, The Examiner and The Advocate (Tasmania); The Canberra Times (Australian Capital

Territory); and The NT News (Northern Territory).

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T ab le 4 : Average num ber o f i n t e rne t j ob adve r t i sem en t s pe r w eek Aus t ra l i a

Or i gi n al Se aso n al ly a dj u st e d

N um b er Nu m ber Mon t h Year ( a) Nu m ber Mo nt h Year

2 0 0 7 - 0 8 222,825 29.7

2 0 0 8 - 0 9 168,016 -25.2

2 0 0 9 - 1 0 130,086 -22.1

2 0 1 0 - 1 1 165,216 27.2

2 0 1 1 - 1 2 158,974 -4.0

Dec 2010 159,446 171,966 3.1 35.3 168,674 1.0 34.

Jan 201 1 136,440 169,102 -1.7 44.1 169,557 0.5 31.

Feb 201 1 167,873 166,955 -1.3 18.9 169,612 0.0 26.

M ar 2 0 1 1 173,309 169,590 1.6 18.3 169,132 -0.3 21.0

A p r 2 0 1 1 167,124 173,474 2.3 20.0 168,319 -0.5 16.2

M ay 2011 163,541 160,700 -7.4 8.5 167,339 -0.6 12.1

Ju n 2 0 1 1 168,926 167,515 4.2 9.2 166,354 -0.6 8.

Ju l 2011 169,538 166,708 -0.5 7.6 165,127 -0.7 6.

A u g 2 0 1 1 172,466 163,846 -1.7 3.3 163,361 -1.1 3.

Sep 201 1 173,960 161,278 -1.6 -0.4 161,278 -1.3 -0.4

Oct 201 1 169,921 159,775 -0.9 -2.3 159,281 -1.2 -3.2

N o v 2 0 1 1 164,337 158,562 -0.8 -4.9 157,772 -0.9 -5.5

Dec 2011 141,183 152,454 -3.9 -11.3 157,084 -0.4 -6.9

Jan 201 2 125,955 155,939 2.3 -7.8 157,329 0.2 -7.

Feb 201 2 161,503 160,356 2.8 -4.0 157,875 0.3 -6.

M ar 2012 164,169 160,355 0.0 -5.4 158,037 0.1 -6.A p r 2 0 1 2 152,693 158,725 -1.0 -8.5 157,668 -0.2 -6.3

M ay 2012 157,368 154,710 -2.5 -3.7 156,419 -0.8 -6.5

Ju n 2 0 1 2 154,592 153,294 -0.9 -8.5 154,097 -1.5 -7.4

Ju l 201 2 154,720 152,235 -0.7 -8.7 150,889 -2.1 -8.6

A u g 2 0 1 2 156,646 148,716 -2.3 -9.2 147,001 -2.6 -10.

Sep 201 2 154,412 143,155 -3.7 -11.2 142,712 -2.9 -11.

Oct 20 12 145,165 136,712 -4.5 -14.4 138,232 -3.1 -13.

N o v 2 0 1 2 138,171 133,171 -2.6 -16.0 134,174 -2.9 -15.

Dec 2012 119,643 129,298 -2.9 -15.2 130,615 -2.7 -16.

Jan 201 3 103,947 128,578 -0.6 -17.5 127,759 -2.2 -18.


T rend es t im a t e

8

0

1

9

1

0

2

9

6

0

5

2

0

9

8

(a) Annual changes are on a year average basis.

The internet series counts the average number of advertisements carried by each of the sites contributing to the series on the s

day of each week in the month indicated. The day (which is not necessarily the same for each site) is selected by the site operatobroadly representative of its activity levels. The above data are based on information provided by the operators of the following s

seek.com.au; and the Department of Education, Employment and Workplace Relations (DEWR) Australian JobSearch

jobsearch.gov.au.

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ANZ RESEARCH

TECHNI CAL APPENDI X

The ANZ Job Advertisements Series now uses a concurrent seasonal adjustment methodology to derive tseasonal adjustment factors. This means that data from the current month are used in estimating season

factors for the current and previous months. Concurrent seasonal adjustment replaced the forward facto

methodology from the June 2010 reference month.

The concurrent adjustment methodology uses the most recent data every month whereas the forward faapproach only used it once a year. Under concurrent adjustment, the seasonal factors will also be more

responsive to underlying dynamic changes than forward factors.

Concurrent adjustment can result in revisions to the seasonal factors each month to estimates for earlierperiods. However, in most instances, the only noticeable revisions will be to the seasonal adjustment fac

for the current month, the previous month and the same month a year ago.

The concurrent seasonal adjustment brings the ANZ Job Advertisements Series in line with the methodol

used by the ABS for its monthly employment data.


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ANZ RESEARCH

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which ANZ may have under the UK Financial Services and Markets Act 2000 or under the regulatory system as defined in the Rules ofthe FSA.GERMANY.This publication is distributed in Germany by the Frankfurt Branch of ANZ solely for the information of its clients.OTHER EEA COUNTRI ES.This publication is distributed in the EEA by ANZ Bank (Europe) Limited (ANZBEL) which is authorised andregulated by the FSA in the United Kingdom, to persons who would come within the FSA definition of eligible counterparty or

professional client in other countries in the EEA. This publication is distributed in those countries solely for the information of suchpersons upon their request. It is not intended for, and must not be distributed to, any person in those countries who would come within

the FSA definition of retail client.F I J I . For Fiji regulatory purposes, this publication and any views and recommendations are not to be deemed as investment advice. Fijiinvestors must seek licensed professional advice should they wish to make any investment in relation to this publication.

HONG KONG. This publication is distributed in Hong Kong by the Hong Kong branch of ANZ, which is registered by the Hong KongSecurities and Futures Commission to conduct Type 1 (dealing in securities), Type 4 (advising on securities) and Type 6 (advising oncorporate finance) regulated activities. The contents of this publication have not been reviewed by any regulatory authority in HongKong. If in doubt about the contents of this publication, you should obtain independent professional advice.

I N D I A .This publication is distributed in India by ANZ on a cross-border basis. If this publication is received in India, only you (thespecified recipient) may print it provided that before doing so, you specify on it your name and place of printing. Further copying orduplication of this publication is strictly prohibited.

NEW ZEALAND.This publication is intended to be of a general nature, does not take into account your financial situation or goals, andis not a personalised adviser service under the Financial Advisers Act 2008.

OMAN. This publication has been prepared by ANZ. ANZ neither has a registered business presence nor a representative office in Omanand does not undertake banking business or provide financial services in Oman. Consequently ANZ is not regulated by either the Central

Bank of Oman or Omans Capital Market Authority. The information contained in this publication is for discussion purposes only andneither constitutes an offer of securities in Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 4/74) orthe Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to buy non-Omani securities in Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued vide CMA

Decision 1/2009). ANZ does not solicit business in Oman and the only circumstances in which ANZ sends information or materialdescribing financial products or financial services to recipients in Oman, is where such information or material has been requested fromANZ and by receiving this publication, the person or entity to whom it has been dispatched by ANZ understands, acknowledges andagrees that this publication has not been approved by the CBO, the CMA or any other regulatory body or authority in Oman. ANZ doesnot market, offer, sell or distribute any financial or investment products or services in Oman and no subscription to any securities,

products or financial services may or will be consummated within Oman. Nothing contained in this publication is intended to constituteOmani investment, legal, tax, accounting or other professional advice.PEOPLES REPUBLI C OF CHI NA. If and when the material accompanying this publication does not only relate to the products and/orservices of Australia and New Zealand Bank (China) Company Limited (ANZ China), it is noted that: This publication is distributed byANZ or an affiliate. No action has been taken by ANZ or any affiliate which would permit a public offering of any products or services ofsuch an entity or distribution or re-distribution of this publication in the Peoples Republic of China (PRC). Accordingly, the productsand services of such entities are not being offered or sold within the PRC by means of this publication or any other method. This

publication may not be distributed, re-distributed or published in the PRC, except under circumstances that will result in compliance withany applicable laws and regulations. If and when the material accompanying this publication relates to the products and/or services ofANZ China only, it is noted that: This publication is distributed by ANZ China in the Mainland of the PRC.

QATAR. This publication has not been, and will not be: lodged or registered with, or reviewed or approved by, the Qatar Central Bank("QCB"), the Qatar Financial Centre ("QFC") Authority, QFC Regulatory Authority or any other authority in the State of Qatar ("Qatar");

or authorised or licensed for distribution in Qatar, and the information contained in this publication does not, and is not intended to,constitute a public offer or other invitation in respect of securities in Qatar or the QFC. The financial products or services described inthis publication have not been, and will not be: registered with the QCB, QFC Authority, QFC Regulatory Authority or any othergovernmental authority in Qatar; or authorised or licensed for offering, marketing, issue or sale, directly or indirectly, in Qatar.Accordingly, the financial products or services described in this publication are not being, and will not be, offered, issued or sold inQatar, and this publication is not being, and will not be, distributed in Qatar. The offering, marketing, issue and sale of the financialproducts or services described in this publication and distribution of this publication is being made in, and is subject to the laws,

regulations and rules of, jurisdictions outside of Qatar and the QFC. Recipients of this publication must abide by this restriction and notdistribute this publication in breach of this restriction. This publication is being sent/issued to a limited number of institutional and/orsophisticated investors (i) upon their request and confirmation that they understand the statements above; and (ii) on the conditionthat it will not be provided to any person other than the original recipient, and is not for general circulation and may not be reproducedor used for any other purpose.

SI NGAPORE.This publication is distributed in Singapore by the Singapore branch of ANZ solely for the information of accreditedinvestors, expert investors or (as the case may be) institutional investors (each term as defined in the Securities and Futures Act


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Cap. 289 of Singapore). ANZ is licensed in Singapore under the Banking Act Cap. 19 of Singapore and is exempted from holding afinancial advisers licence under Section 23(1)(a) of the Financial Advisers Act Cap. 100 of Singapore. In respect of any matters arisingfrom, or in connection with the distribution of this publication in Singapore, contact your ANZ point of contact.

UNI TED ARABEMI RATES. This publication is distributed in the United Arab Emirates (UAE) or the Dubai International FinancialCentre (as applicable) by ANZ. This publication: does not, and is not intended to constitute an offer of securities anywhere in the UAE;

does not constitute, and is not intended to constitute the carrying on or engagement in banking, financial and/or investmentconsultation business in the UAE under the rules and regulations made by the Central Bank of the United Arab Emirates, the Emirates

Securities and Commodities Authority or the United Arab Emirates Ministry of Economy; does not, and is not intended to constitute anoffer of securities within the meaning of the Dubai International Financial Centre Markets Law No. 12 of 2004; and, does not constitute,and is not intended to constitute, a financial promotion, as defined under the Dubai International Financial Centre Regulatory Law No. 1of 200. ANZ DIFC Branch is regulated by the Dubai Financial Services Authority (DFSA). The financial products or services described inthis publication are only available to persons who qualify as Professional Clients or Market Counterparty in accordance with the

provisions of the DFSA rules. In addition, ANZ has a representative office (ANZ Representative Office) in Abu Dhabi regulated by theCentral Bank of the United Arab Emirates. ANZ Representative Office is not permitted by the Central Bank of the United Arab Emiratesto provide any banking services to clients in the UAE.

UNI TED STATES.If and when this publication is received by any person in the United States or a "U.S. person" (as defined inRegulation S under the US Securities Act of 1933, as amended) (US Person) or any person acting for the account or benefit of a USPerson, it is noted that ANZ Securities, Inc. (ANZ S) is a member of FINRA (www.finra.org) and registered with the SEC. ANZ Ssaddress is 277 Park Avenue, 31st Floor, New York, NY 10172, USA (Tel: +1 212 801 9160 Fax: +1 212 801 9163). Except where this is

a FX related publication, this publication is distributed in the United States by ANZ S (a wholly owned subsidiary of ANZ), which acceptsresponsibility for its content. Information on any securities referred to in this publication may be obtained from ANZ S upon request.Any US Person receiving this publication and wishing to effect transactions in any securities referred to in this publication

must contact ANZ S, not its affiliates. Where this is an FX related publication, it is distributed in the United States by ANZ's New YorkBranch, which is also located at 277 Park Avenue, 31st Floor, New York, NY 10172, USA (Tel: +1 212 801 9160 Fax: +1 212 801 9163).

ANZ S is authorised as a broker-dealer only for US Persons who are institutions, not for US Persons who are individuals. If you haveregistered to use this website or have otherwise received this publication and are a US Person who is an individual: to avoid loss, youshould cease to use this website by unsubscribing or should notify the sender and you should not act on the contents of this publicationin any way.2. DI SCLAI MERExcept if otherwise specified above, this publication is issued and distributed in your country/region by ANZ, on the basis that it is onlyfor the information of the specified recipient or permitted user of the relevant website (collectively, recipient). This publication may not

be reproduced, distributed or published by any recipient for any purpose. It is general information and has been prepared without takinginto account the objectives, financial situation or needs of any person. Nothing in this publication is intended to be an offer to sell, or asolicitation of an offer to buy, any product, instrument or investment, to effect any transaction or to conclude any legal act of any kind.If, despite the foregoing, any services or products referred to in this publication are deemed to be offered in the jurisdiction in which this

publication is received or accessed, no such service or product is intended for nor available to persons resident in that jurisdiction if itwould be contradictory to local law or regulation. Such local laws, regulations and other limitations always apply with non-exclusive

jurisdiction of local courts. Before making an investment decision, recipients should seek independent financial, legal, tax and otherrelevant advice having regard to their particular circumstances.

The views and recommendations expressed in this publication are the authors. They are based on information known by the author andon sources which the author believes to be reliable, but may involve material elements of subjective judgement and analysis. Unlessspecifically stated otherwise: they are current on the date of this publication and are subject to change without notice; and, all price

information is indicative only. Any of the views and recommendations which comprise estimates, forecasts or other projections, aresubject to significant uncertainties and contingencies that cannot reasonably be anticipated. On this basis, such views andrecommendations may not always be achieved or prove to be correct. Indications of past performance in this publication will notnecessarily be repeated in the future. No representation is being made that any investment will or is likely to achieve profits or lossessimilar to those achieved in the past, or that significant losses will be avoided. Additionally, this publication may contain forward looking

statements. Actual events or results or actual performance may differ materially from those reflected or contemplated in such forwardlooking statements. All investments entail a risk and may result in both profits and losses. Foreign currency rates of exchange mayadversely affect the value, price or income of any products or services described in this publication. The products and services describedin this publication are not suitable for all investors, and transacting in these products or services may be considered risky. ANZ and itsrelated bodies corporate and affiliates, and the officers, employees, contractors and agents of each of them (including the author)(Affiliates), do not make any representation as to the accuracy, completeness or currency of the views or recommendations expressedin this publication. Neither ANZ nor its Affiliates accept any responsibility to inform you of any matter that subsequently comes to their

notice, which may affect the accuracy, completeness or currency of the information in this publication.Except as required by law, and only to the extent so required: neither ANZ nor its Affiliates warrant or guarantee the performance ofany of the products or services described in this publication or any return on any associated investment; and, ANZ and its Affiliatesexpressly disclaim any responsibility and shall not be liable for any loss, damage, claim, liability, proceedings, cost or expense(Liability) arising directly or indirectly and whether in tort (including negligence), contract, equity or otherwise out of or in connection

with this publication.If this publication has been distributed by electronic transmission, such as e-mail, then such transmission cannot be guaranteed to besecure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. ANZand its Affiliates do not accept any Liability as a result of electronic transmission of this publication.ANZ and its Affiliates may have an interest in the products and services described in this publication as follows:

They may receive fees from customers for dealing in the products or services described in this publication, and their staff andintroducers of business may share in such fees or receive a bonus that may be influenced by total sales.

They or their customers may have or have had interests or long or short positions in the products or services described in thispublication, and may at any time make purchases and/or sales in them as principal or agent.

They may act or have acted as market-maker in products described in this publication.ANZ and its Affiliates may rely on information barriers and other arrangements to control the flow of information contained in one ormore business areas within ANZ or within its Affiliates into other business areas of ANZ or of its Affiliates.

ANZ Job Ads Jan-13.pdf

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