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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Wednesday, 03 June 2020

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‘Mass reduction’ in jobs occurring nationwide

By Grace Ormsby · April 14 2020

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Earn

‘Mass reduction’ in jobs occurring nationwide

By Grace Ormsby
April 14 2020

Reading:

‘Mass reduction’ in jobs occurring nationwide

By Grace Ormsby · April 14 2020

Reading:

2020 was off to a rocky start for jobseekers before COVID-19 came onto the scene, a new report from SEEK has revealed.

Analysing its own data, SEEK has reported that new job ads posted in the first week of April 2020 were down 65.3 per cent compared wth the same week last year.

And while candidate visits to the job search platform are down, application rates are up by more than 40 per cent for roles in call centres and customer service, hospitality and tourism, retail and consumer products and sales.

For Kendra Banks, SEEK ANZ’s managing director, “The impacts of COVID-19 on the labour market have been swift and extreme.”

She said 2020 was already off to a rocky start after Australia’s bushfires and the looming economic slowdown: “Job ad volumes within this time frame reflected this, down between seven and 11 per cent compared to the same period in 2019”.

“However, the latest numbers show just how much coronavirus has impacted the labour market,” she flagged.

Since the beginning of March, SEEK has reported that its national job ads have declined on the same week’s 2019 figures by:

Week ended 8 March - 12.6 per cent
Week ended 15 March - 17.3 per cent
Week ended 22 March - 41.3 per cent
Week ended 29 March - 64.6 per cent
Week ended 5 April - 65.3 per cent

Ms Banks has observed two distinct changes occurring in Australia’s labour market right now.

“Unsurprisingly and unfortunately, there is a mass reduction in the number of jobs available at a national level, while simultaneously there is an urgent demand for workers in specific industries,” she highlighted.

Victoria and NSW are showing the biggest declines in the past week, with job ads down 71.6 per cent and 67.4 per cent, respectively, the managing director said.

But it’s not all gloom and doom: “Speaking with customers, we have been encouraged to hear that corporate Australia is working together,” Ms Banks said.

“Where companies have had to stand down workers, they are speaking to businesses who have an immediate need for labour to see if they can deploy staff into those roles.”

In addition, “organisations servicing the essential retail sector and aspects of the healthcare sector have an urgent need for skilled and non-skilled workers”.

She stated that as businesses pivot to virtual and online delivery of goods and services, and many employees work from home, there is an increased demand for cyber security specialists, and technology and product specialists to support these transitions.

“We are also seeing the impact of large organisations like banks, insurance, telecommunications and airlines bringing their call centre and shared services back to Australian shores.”

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.