According to Deloitte Access Economics, Australians aged 70 and over and between 20 to 29 have been hardest hit by COVID-19 job losses. These jobs could also take years to recover:
When COVID first hit, job losses were most severe for our oldest and youngest workers. It’s a trend we’ve seen in past economic downturns, and one that highlights the unequal impacts of recessions.
In a matter of weeks, nearly a quarter of all payroll jobs for those under 20 were lost, while 14% of jobs for those aged 20-29 and 12.5% of jobs for over 70s also disappeared.
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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.
