Australian coronavirus wages subsidy has ended, 100K jobs expected to be lost

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.

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