ANZ economics believes that Australia’s labour market may not recover to its pre-pandemic levels until 2023 “despite our assumption of an additional $180 billion of government spending over a four-year horizon”:
ANZ added that “one of the takeaways from the last two recessions and the GFC – that it takes many years for the labour market to recover – will apply this time too”.
The news is a little better on the GDP front with ANZ projecting that growth will recover to pre-pandemic levels by H2 2022:
Advertisement