Cutting unemployment benefits by $50 a week will take about $5 billion out of the economy in the coming year. That’s not good news for jobs.
read more Why the JobSeeker ‘rise’ could actually cost 40,000 Australians their jobs
Household Finances
The JobSeeker rise is not enough
The Morrison Government today finally announced an increase in the permanent rate of JobSeeker. But still unemployed Australians are being asked to live well below the poverty line.
Our economic institutions are forecasting policy failure. Governments will have to spend up big to avoid it.
Australia is in for a long and damaging economic slump, unless governments inject substantially more fiscal stimulus.
8 in 10 hardest-hit federal electorates are now in Victoria
Updated ABS payroll data shows that job losses due to COVID-19 were clearly concentrating in Victoria, even before Stage 3 and 4 restrictions took effect across the state.
read more 8 in 10 hardest-hit federal electorates are now in Victoria
Early release of super doesn’t justify higher compulsory contributions
New Grattan Institute modelling shows that most Australians will have a comfortable retirement – even if they’ve spent some of their super early.
read more Early release of super doesn’t justify higher compulsory contributions
The latest jobs data shows urban electorates are now being hit hardest by COVID-19
Previously hard-hit rural electorates in Queensland and NSW with large tourism industries have regained some jobs, while inner-city electorates are now among the hardest hit.
read more The latest jobs data shows urban electorates are now being hit hardest by COVID-19
Job losses caused by COVID-19, electorate by electorate
Coastal electorates that rely heavily on tourism have been hit hardest, and workers in rural and regional electorates have been hit harder than workers in the major capitals.
read more Job losses caused by COVID-19, electorate by electorate
The modest rise in unemployment hides a much grimmer picture
2.7 million people either lost their jobs or lost hours of work in April. The unemployment rate doesn’t capture the scale of COVID’s effect on jobs.
read more The modest rise in unemployment hides a much grimmer picture
Tracking economic uncertainty in the age of COVID-19
A defining feature of the COVID-19 crisis is the uncertainty it’s created. The uncertainty could be very costly for the Australian economy, and will weigh on the economic recovery in Australia until we’re certain we’ve got the virus under control.
read more Tracking economic uncertainty in the age of COVID-19
Why we won’t know the full effect of COVID-19 on jobs in Australia for at least another month
The March labour force data will report on a jobs market that sadly no longer exists – the Australia before widespread spatial distancing and shutdowns of non-essential businesses.