Payroll jobs hammered by lockdowns

The ABS today released Payroll Jobs & Wages data for the fortnight ended 11 September, which reveals that jobs have fallen sharply (by 5%) since July after lockdowns were implemented:

As expected, the locked down jurisdictions of NSW, Victoria and the ACT has driven the job losses, whereas jobs across the rest of Australia have remained stable:

Small businesses have also been most impacted, reflecting that they comprise most of the industries affected by lockdowns (e.g. restaurants & cafes):

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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.