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With more than half of Australia’s population currently in lockdown and many businesses in furlough, demand for labour taken a hit. Accordingly, ANZ’s job ad series fell a further 2.5% in August; albeit is holding up much better than last year’s lockdown:
Loss of momentum.
As noted by ANZ, “the cumulative 3.7% fall since June is dwarfed by the 64% plunge between February and May 2020, during the national lockdown”. ANZ is therefore anticipating “sizeable employment losses in locked down states”, alongside a rise in the unemployment rate.
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About the author
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.
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