Australia’s JobKeeper employment subsidy ended Sunday, March 28.
Via Westpac come estimates of the expected impact:
- 100K at risk of losing their jobs
- These losses won’t occur in one hit but will be spread over a number of months
- With participation expected to track sideways, the unemployment rate will drift up to 6.0% in Q2 before the recovery in the second half of the year takes the unemployment rate back down to 5.7%.
Westpac’s analysis was based on:
- The indicators we used to guide our assessment of job losses by industry included: the difference between the growth in hours worked and the growth in employment; change in the number working zero hours; the number of firms expecting to reduce employment; and, the number of firms accessing government wage subsidies.