Around 15% of jobs have been lost in small and medium enterprises (SME) since mid-March because of COVID-19, with Victoria hardest hit, according to consulting firm Taylor Fry. In contrast, only 0.8% of jobs have been lost in large businesses, defined as those with at least 200 employees:
The analysis conducted by consulting firm Taylor Fry showed employees of Victorian SMEs were the hardest hit, followed by NSW, Tasmania and the Australian Capital Territory.
The analysis showed businesses employing fewer than 20 people (small businesses) had lost 8 per cent of jobs nationally, while those with between 20 and 200 employees (medium businesses) had lost 7.2 per cent.
Large businesses with more than 200 employees fared significantly better, with only 0.8 per cent of jobs lost since the beginning of the pandemic.
Imagine how bad it is going to get once JobKeeper is unwound and the moratorium on business insolvencies expires?
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
