Uncertainty about when wages might finally start growing didn't stop job listings site Seek Limited from revising upwards its earnings on Wednesday.
With strength in the Australian jobs advertising market, the job search site recorded an increase in its expected EBITDA at its annual general meeting from 10 to 13 per cent for fiscal 2018 compared to 2017.
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Revenue growth was also looking upbeat â Seek chief executive Andrew Bassat affirmed growth estimates of 20 to 25 per cent for financial year 2018.â
Chairman Neil Chatfield said the company had delivered "record financial results in 2017".
"In constant currency and excluding significant items, sales revenue grew 14 per cent and EBITDA grew 5 per cent over the prior year. Total dividends grew 10 per cent over the previous year," he said.
Investors were unimpressed slicing 3.64 per cent from Seek's share price cutting it to $18.71 by the market close.
The strength of the ad market was evident in October â which saw advertisements in Seek's Australian operations up more than 16 per cent over the year.
CMC Markets chief strategist Michael McCarthy said it was extraordinary SEEK shares had traded within a more than five per cent range on one day.
![SEEK chief executive Andrew Basset has affirmed growth estimates of 20 to 25 per cent for financial year 2018.](http://web.archive.org./web/20171129203209im_/https://www.fairfaxstatic.com.au/content/dam/images/g/s/w/z/a/7/image.related.articleLeadwide.620x349.gzv878.png/1511954174868.jpg)
"Investors are having a hard time making up their mind about this one," he said.
"We are now moving towards the bottom of that range, so on balance the market is less than impressed."
![Seek has upgraded its earnings guidance despite concerns about wages growth.](http://web.archive.org./web/20171129203209im_/https://www.fairfaxstatic.com.au/content/dam/images/z/r/z/j/f/image.related.articleLeadwide.620x349.gzv878.png/1511954174868.jpg)
Mr McCarthy said the market had already factored in a positive outlook from SEEK, which has a market value of $6.6 billion.
"Perhaps to some extent SEEK is a victim of its own success; it's been trading at all-time highs in the lead up to this outlook statement," he said.
This is despite the Reserve Bank of Australia's November meeting minutes flagging uncertainty about how fast wages would grow and how rapidly the unemployment rate might decline.
The mixed messages from businesses and the broader economy was, simply, "a puzzle," AMP Capital chief economist Shane Oliver said.
"There has been good growth in job vacancies and in advertisements and all the leading indicators have been strong for a while now.
"For some reason it hasn't really cut much into under-employment."
But there could be a good reason for it, he said â the job market growth, and subsequent advertising, is likely to be driven by a rise in part-time employment opportunities.Â
Of jobs listed on the Seek portal on Wednesday, 38 per cent were for contract/temp, casual/vacation or part-time roles, or 42,000 of the more than 150,000Â jobs listed.
"There are a lot of part-time jobs, gigs that only go for a specific amount of time and contract work," Dr Oliver said.
"They all contribute to a less secure workforce."
Among those quickly moving into this type of work is Gen Y â whose desire for a sideline job in addition to their full-time role, or "side hustle", has become a generational marker.
This could be a small business they've started themselves, a second part-time job or taking part in the gig economy.
Xero's Ageless Entrepreneur report, released on Thursday, found almost a quarter of 1000 surveyed Australians already had a side job to produce income â with a further 38 per cent intending to start or find one in the future.
Four out of 10 of those surveyed said the reason they were looking for additional work was due to rising costs of living â including housing affordability, transport and childcare.Â
Two-thirds were either intending to set up an online-based business or pursuing businesses based on their hobbies, while 17 per cent were looking at knowledge-based industries.
About 30 per cent had side hustles in IT and technology, retail sales and administration.Â
With AAP