Earn
Low-income Aussies fall further behind following pandemic
Despite billions in government support, vulnerable and low-paid Aussies have emerged from the COVID-19 pandemic in a worse state than they entered 2020, new research has revealed.
Low-income Aussies fall further behind following pandemic
Despite billions in government support, vulnerable and low-paid Aussies have emerged from the COVID-19 pandemic in a worse state than they entered 2020, new research has revealed.
A report released by the Brotherhood of St Laurence (BSL) found lower-income Australians’ financial wellbeing decreased for the community as a result of higher unemployment, reduced working hours and income cuts.
According to the report, many Australians including those aged over 45, disability pension recipients, women on low income and single parents have been left with dwindling financial buffers, increased debt and reduced super.
This comes despite the government raising support payments throughout the pandemic.
The report showed that temporary policies such as the coronavirus supplement, which temporarily doubled JobSeeker payments, did moderate the impacts of the crisis, but they were short-term.
Those who had access to the increased income support payments reported an improved ability to meet financial commitments for the COVID period.
Yet, many during this time still had to draw on their savings or access their superannuation, leaving them now in a more precarious situation.
“The impacts of the crisis were uneven. This is just one of the many crises that we’ll face and the most disadvantaged will be hard hit. Put simply, those with less are not likely to bounce back,” Dr Emily Porter, ANZ Tony Nicholson Research Fellow at BSL, said.
Using Roy Morgan-ANZ financial wellness data, the study showed all Australians declined during the peak of the pandemic; however, most saw a bounce-back as Australia emerged on the other side of it.
“Our study really highlights the importance of decent work that allows people to build savings in the event of future crises and having a fair and adequate social security system in place. We need both to support people through uncertain times,” Dr Porter said.
“Addressing these challenges requires investment in secure, well-paid work and an adequate social safety net that allows people to build savings and live with dignity.”
About the author
About the author
Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to pres...Read more
Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for s...Read more
Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. ...Read more
Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. ...Read more
Salary
Show me the money: I deserve a COVID recognition payment, and so do you
Staff are currently in high demand. But they’re also mostly overworked, overtired, underplayed and underpaid. ...Read more
Salary
Is Australia headed for the ‘Great Resignation’?
A wave of resignations from Australian workers is expected in the next six months. ...Read more
Salary
Earnings surge in lockdown, but is a slump ahead?
A new report from CBA has shown that it may actually pay to be in lockdown, as growth in household income surged ahead in NSW and Victoria. ...Read more
Salary
RBA sets sights on 4% unemployment
The RBA has updated its key objectives in order to jolt the Australian economy into growth, including a two-decade low unemployment rate of 4 per cent. ...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to pres...Read more
Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for s...Read more
Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. ...Read more
Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. ...Read more
Salary
Show me the money: I deserve a COVID recognition payment, and so do you
Staff are currently in high demand. But they’re also mostly overworked, overtired, underplayed and underpaid. ...Read more
Salary
Is Australia headed for the ‘Great Resignation’?
A wave of resignations from Australian workers is expected in the next six months. ...Read more
Salary
Earnings surge in lockdown, but is a slump ahead?
A new report from CBA has shown that it may actually pay to be in lockdown, as growth in household income surged ahead in NSW and Victoria. ...Read more
Salary
RBA sets sights on 4% unemployment
The RBA has updated its key objectives in order to jolt the Australian economy into growth, including a two-decade low unemployment rate of 4 per cent. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
