According to Roy Morgan’s unemployment measure, 15.3 per cent of the Australian working population could be unemployed, with a further 9.4 per cent underemployed. 

That’s down from Roy Morgan’s figure of 3.92 million unemployed or underemployed prior to the announcement of JobKeeper in March, but significantly higher than official estimates of 10 per cent unemployment. 

“Those most heavily impacted face a challenging employment market in the months ahead even as the harshest restrictions are rolled back,” said Roy Morgan CEO Michele Levine. 

“Several states and territories are now announcing the relaxation of restrictions during May and June, while others, including Victoria, have yet to announce any plan to do so prior to a review of conditions next week.”

Roy Morgan’s research also found that 3.8 million workers had their hours reduced, while 2.7 million had been stood down for a period of time and 1.4 million had their pay reduced for the same number of work hours. 

And despite forecasts of a “V-shaped” recovery, it’s not yet clear whether there will be a return to normality once COVID-19 passes.

“The changed economic and employment landscape will start to normalise, but with a much larger pool of unemployed and underutilised workers, there will be a far more competitive jobs market for employers to pick from,” Ms Levine said. “There will be no ‘snapback’, which means all, or even most, newly unemployed Australians are back in their original jobs in the next few months.”

The report comes as ANZ figures revealed that job ads plunged 53.1 per cent in April. 

“With non-essential services shut down throughout April, ANZ job ads tumbled by 53 per cent during the month,” said ANZ senior economist Catherine Birch. “This was almost five times the previous record monthly fall of 11.3 per cent in January 2009, which was during the GFC.”

“Job ads fell progressively over the month, adding to the evidence that the downturn in activity is impacting businesses and the labour market at an unprecedented speed.”

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

more on this topic

Salary

RBA's decision to hold cash rate steady impacts Australian hiring landscape

In a move that aligns with current labour market trends, the Reserve Bank of Australia (RBA) announced today that it will keep the cash rate unchanged. This decision comes after three consecutive rate ...Read more

Salary

Australian professionals face growing dissatisfaction despite job security, new report reveals

In a revealing insight into the current state of the Australian workforce, the Hays Salary Guide FY26/27 has unveiled a paradox: while many professionals feel secure in their jobs, a significant ...Read more

Salary

Hiring growth dips as businesses navigate tougher operating conditions

In a sign of shifting economic priorities, Australian businesses are showing increased caution in their hiring practices, according to the latest Employment Hero Jobs Report. The data, released in May ...Read more

Salary

Employment Hero unveils HeroForce to tackle Australia’s $12.6 billion employment admin burden

Sydney, Australia - In a significant move aimed at revolutionising the employment landscape, Australian-founded AI-powered platform Employment Hero has launched HeroForce, a new employment model ...Read more

Salary

Job market dynamics shift as ABS labour force data reveals underemployment concerns

The Australian Bureau of Statistics (ABS) has released its latest labour force data, sparking discussions about the current state of the job market. While the headline unemployment rate may appear ...Read more

Salary

Interest rate hike puts pressure on Australian businesses and consumer confidence

In a move widely anticipated by market analysts, the Reserve Bank of Australia (RBA) announced an interest rate hike today, a decision that has sent ripples through the business communityRead more

Salary

Labour market momentum continues as older Australians see wage growth

Australia's labour market is showing signs of sustained momentum, with a notable increase in hours worked alongside job growth, according to Ben Thompson, CEO and co-founder of Employment HeroRead more

Salary

Wage growth in SMB sector outpaces official figures, reveals Employment Hero

In a surprising revelation that challenges official statistics, the latest data from Employment Hero has highlighted a significant wage growth in Australia's small and medium business (SMB) sectorRead more