That said, the vacancy rate is currently at its highest relative to the size of the labour force. That too is a very positive signal for the labour market outlook.
https://www.rba.gov.au/speeches/2018/sp-dg-2018-10-17.html  11/13  10/17/2018  The State of the Labour Market | Speeches | RBA  Graph 10  Conclusion To sum up, the labour market is in pretty good shape: employment growth is above average, the participation rate is at a high level, the vacancy rate is at an all-time high and the unemployment rate is falling.