Four months ago, someone lost their job. Now they’re staring at job listings showing 1,746 applications and wondering if they’ll ever hear back. Meanwhile, their mortgage repayments are about to get squeezed by another interest rate rise. It’s a scenario that’s playing out across Australia right now, and honestly, it’s both more complicated and less dire than those numbers suggest.

I’ve been thinking about this a lot lately, partly because I work in IT and DevOps where the job market has become particularly weird, and partly because those application numbers are genuinely bonkers. But here’s the thing that emerged from a discussion I saw recently: those numbers are essentially meaningless.