Earn
Australia prepares for virus job losses
Australia is bracing for a sharp increase in coronavirus-induced job losses, despite national figures showing a reduction in unemployment in February.
Australia prepares for virus job losses
Australia is bracing for a sharp increase in coronavirus-induced job losses, despite national figures showing a reduction in unemployment in February.
The national seasonally adjusted unemployment rate fell by 0.2 per cent to 5.1 in February, but the figures may have been collected before the COVID-19 impact in late February.
Employment Minister Michaelia Cash said there is now a “record number” of people in work, although she believes employment will fall in the coming months.
“We come at this situation from a good economic base. That is reflected in the employment figures for the month of February,” Ms Cash told the media.
ABS chief economist Bruce Hockman said: “The trend unemployment rate remained steady at 5.1 per cent for a third consecutive month.”
“There was no notable impact on February 2020 Labour Force statistics resulting from the recent bushfires or COVID-19. The February reference period was in the first half of the month and pre-dates the notable increases in confirmed cases in Australia of COVID-19.”
The job figures follow Qantas boss Alan Joyce announcing 20,000 workers have been temporarily stood down as international flights have been grounded to a halt.
Westpac chief economist Bill Evans previously predicted unemployment would fall to 7 per cent as the coronavirus continued to impact the Australian economy.
The unemployment rate is now forecast to reach 7 per cent by October 2020 (up from the previous estimate of 5.8 per cent-6.0 per cent) due to the larger negative shocks to the labour intensive sectors such as recreation, tourism, education, renovations and additions, and dwelling construction.
“This lift in the unemployment rate is despite reducing the participation rate from 66.1 per cent to 65.4 per cent as a discouraged worker effect – that is, as workers respond to a deteriorating labour market, the participation rate is likely to decline,” Mr Evans said.
About the author
About the author
Salary
How Qantas used JobKeeper to underpay its staff millions
Qantas has been ordered to pay back millions to underpaid workers after the Federal Court ruled that it did not pay its staff all the money they were owed in overtime and penalty rates. ...Read more
Salary
100k+ jobs boost isn’t all good news
More than 100,000 jobs have unexpectedly been added to the economy, according to the latest figures from the Australian Bureau of Statistics. ...Read more
Salary
Rules for JobKeeper 2.0 confirmed
The Australian government has announced the new rules governing the extension of the JobKeeper payment starting from 28 September 2020. ...Read more
Salary
Wage theft could put Qld bosses behind bars for 10 years
Queensland bosses who skip out on super payments or underpay their employees’ wages can now end up in jail, with wage theft now criminalised in the state. ...Read more
Salary
Millions in compensation payments delayed, ALA finds
Centrelink delays are preventing vulnerable families from accessing millions of dollars locked in insurers’ trust accounts, a national legal body has found. ...Read more
Salary
1.3m employees to lose JobKeeper at month’s end
According to the Treasury’s estimates, over 2.2 million Australians will remain on the JobKeeper program beyond 27 September, down from the current 3.5 million. ...Read more
Salary
Not so equal pay day
Despite today being equal pay day, new research has shown that women are still making 14 per cent less than their male counterparts, leading to longer-term financial instability. ...Read more
Salary
It’s now twice as hard to land a job in 2020
For every job opening on LinkedIn, there are now 40 people vying for the role, a 50 per cent increase in applicants since January 2020. ...Read more
Salary
How Qantas used JobKeeper to underpay its staff millions
Qantas has been ordered to pay back millions to underpaid workers after the Federal Court ruled that it did not pay its staff all the money they were owed in overtime and penalty rates. ...Read more
Salary
100k+ jobs boost isn’t all good news
More than 100,000 jobs have unexpectedly been added to the economy, according to the latest figures from the Australian Bureau of Statistics. ...Read more
Salary
Rules for JobKeeper 2.0 confirmed
The Australian government has announced the new rules governing the extension of the JobKeeper payment starting from 28 September 2020. ...Read more
Salary
Wage theft could put Qld bosses behind bars for 10 years
Queensland bosses who skip out on super payments or underpay their employees’ wages can now end up in jail, with wage theft now criminalised in the state. ...Read more
Salary
Millions in compensation payments delayed, ALA finds
Centrelink delays are preventing vulnerable families from accessing millions of dollars locked in insurers’ trust accounts, a national legal body has found. ...Read more
Salary
1.3m employees to lose JobKeeper at month’s end
According to the Treasury’s estimates, over 2.2 million Australians will remain on the JobKeeper program beyond 27 September, down from the current 3.5 million. ...Read more
Salary
Not so equal pay day
Despite today being equal pay day, new research has shown that women are still making 14 per cent less than their male counterparts, leading to longer-term financial instability. ...Read more
Salary
It’s now twice as hard to land a job in 2020
For every job opening on LinkedIn, there are now 40 people vying for the role, a 50 per cent increase in applicants since January 2020. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
