Job ad numbers have shot up, suggesting competition for workers remains fierce.
The two per cent increase in job advertisement volumes in August follows a lull in new job vacancies in July, quashing suggestions that job ad numbers, as measured by ANZ, had peaked.
"Last month, we hypothesised that job ads had passed its peak, but we have been proven wrong," ANZ economist Catherine Birch said.
Ms Birch dismissed other signs of a slowing labour market as short-term corrections.
"We think the falls in employment and participation in July's labour force survey were temporary reversions after rapid improvements over recent months," she said.
She expects to see more solid employment growth to come based on the level of unmet demand for workers.
However, she said some measures introduced at the job and skills summit would likely bring more workers into the labour market.
This included extending visas and relaxed work restrictions on international students and the revised rules for pensioners to allow them to work more without losing their payments.
The boost to the permanent migration cap - raising it by 35,000 to 195,000 places - may also inject more labour into the market, depending on the occupations they filled and if the migrants were coming from overseas and not already in Australia as visa holders.
She noted that a boost to migration numbers also adds to demand for services, housing and other goods that require labour.
Company profits have also lifted 7.6 per cent in the June quarter, according to the Australian Bureau of Statistics data, led by strong gains in hospitality, transport, mining and manufacturing.
Wages bills rose by 3.3 per cent in the same period - the largest quarterly rise since 2008.
While company profits lifted substantially for the month, poor performance in finance, construction and rental and real estate sectors weakened the overall score.
The weak construction figures pulled small business profits lower, with this category lifting by just 0.4 per cent for the quarter.
Inventories increased by 0.3 per cent for the quarter, which follows a 1.9 per cent increase in the first quarter of 2022.
Based on the strong gains for company profits and wages, ANZ economist Felicity Emmett expects to see GDP rise 0.8 per cent when the June quarter figures are released on Wednesday.
Meanwhile, the headline Melbourne Institute monthly inflation gauge fell 0.5 per cent for the month, although the trimmed figure rose 0.1 per cent.
That's 5.3 per cent higher than a year ago.
AMP Capital economist Shane Oliver noted the gauge could be volatile month to month, but that increases to the trimmed mean in August and July suggested more upside in underlying inflation.
