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December 01, 2020

New ABS figures confirmed today that 320,000 payroll jobs have been lost since the virus outbreak, on the same day the Reserve Bank said it expects unemployment will remain unacceptably high and above pre-pandemic levels until past the end of 2022.
The Prime Minister and Treasurer are congratulating themselves while too many Australians are still hurting.
For many Australians, what looks like a recovery on paper will continue to feel like a recession.
Even a substantial recovery in tomorrow’s national accounts won’t make up all of the ground lost or damage done to jobs and the economy.

Hundreds of thousands of jobs have been lost since the virus outbreak began and more Australians are expected to join the unemployment queues by Christmas.
This is why the RBA has reminded us again today that “the recovery is still expected to be uneven and drawn out and it remains dependent on significant policy support” which shouldn’t be withdrawn too soon.
The latest ABS Payroll Jobs and Wages data shows that since the beginning of the crisis:  

  • Payroll jobs have by fallen by 2.9 per cent and total wages decreased by 3.9 per  cent
  • Payroll jobs worked by men have by fallen by 4.4 per cent and those worked by women decreased by 3.1 per cent
  • Older Australian workers were heavily impacted by the downturn, with payroll jobs worked by people aged 70 and over decreasing by 13.1 per cent
  • Payroll jobs in accommodation and food services decreased by 14.4 per cent and information media and telecommunications decreased by 12.6 per cent 

The Morrison Government’s lack of a proper plan for jobs and their attacks on wages weakened the economy and made Australians vulnerable going into this recession and will jeopardise the recovery as well.