SMEs continue to shed jobs as Jobkeeper cut

The ABS has released its Weekly Payroll Jobs and Wages in Australia survey, which revealed that payroll jobs are now 3.0% below their pre-COVID (14 March) level, whereas wages are 4.3% lower:

As expected, Victoria has been hardest hit with job losses owing to its 16-week hard lockdown. However, it is also recovering:

Males have been worse impacted than females, especially with respect to wages:

Whereas Accommodation and food services has been worst impacted:

Finally, small businesses have burned jobs after the JobKeeper eligibility was tightened in late September, shedding 5.8% of jobs since 14 March:

It will be interesting to watch how it unfolds when JobKeeper is cut again in January and abolished altogether in late-March.

Unconventional Economist

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