Further growth in job advertisement numbers suggests continued improvement in the labour market, but a tough federal budget could damage the employment outlook.
Job ads rose for a fourth consecutive month in April, up 2.2 per cent, figures from ANZ show.
Labour demand had strengthened in 2014, with a rise in hiring intentions suggesting the unemployment rate should be close to its peak at around six per cent or slightly lower, ANZ chief economist Ivan Colhoun said.
The unemployment rate fell to 5.8 per cent in March, down from 6.1 per cent in February.
However, any tax hike in the federal government's May budget could dampen the economic recovery, Mr Colhoun said, which would impact consumer and business confidence.
"The mooted introduction of a temporary deficit reduction levy will impact consumption both directly and indirectly," he said.
"The direct hit to incomes from the tax as is currently suggested will likely trim growth and consumer spending a little this year."
Mr Colhoun said discussion in the media of tighter budget policies was already weighing on consumer confidence.
ANZ's view was that the impact of these factors was likely to keep the recovery in the economy moderate, and interest rates unchanged this year, he said.
ANZ's report showed online job ad number strengthened in April, while newspaper ads declined, but that was likely due to the Easter and Anzac Day holidays, which may have seen some businesses delay their advertising.
Official employment data for April will be released on Thursday.
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