56K Lose Work after JobKeeper Ended
It became clear how many Australians lost their jobs in the month following JobKeeper’s end. And more jobs can be lost along the way.
About 56,000 Australians have lost their jobs in the month since JobKeeper was shut down, the Treasury said.
In a Senate estimate on Tuesday, senior government bureaucrats also said it was “most important” for Australians to get jobs to ensure the country’s economic recovery.
Treasury Secretary Steven Kennedy indicated that about 56,000 former JobKeeper personnel were jobless in the first four weeks after the government’s wage subsidies terminated in March, according to salary data delivered to the tax office.
Certain jobs have been lost in connection with the end of JobKeeper and may increase further in the future, but the strength of the job market is an initial sign that numerous of these people are finding jobs.
“In terms of the impact on the net labor market, remember that about 400,000 people leave their jobs in a normal month and many who lost their jobs at the end of JobKeeper are expected to regain employment in the coming weeks. It’s worth it”, said Dr. Kennedy.
The May Labor Market Report, released June 17, delivers full updates on the job market since JobKeeper ended.
In the meantime, the job loss rate fell to 5.5% in April, more than 1 percent lower than in December.
The number of job loss insurance recipients has also reduced by about 150,000 since the end of March.
Dr. Kennedy said the job loss rate would drop to 5% by June 2022 and 4.5% from 2023 to 2024.
Economic growth in 2021 is still expected to be 5.25%, and vaccine distribution, economic policy, and support will continue to drive growth over the next few years.
But while Australia’s economic recovery was better than estimated, he needed to “always check himself” and highlighted that it was “most important” for Australians to be vaccinated.
Dr. Kennedy said the continuance of the Covid-19 outbreak overseas, the emergence of new variants, and the newest outbreak in Melbourne specify that the pandemic is not over.
“To ensure economic recovery, it is of utmost importance for Australians to be vaccinated when it is their turn, which reduces the health and economic risks of future epidemics and is safe. Sometimes we can open the border.”
56,000 people are jobless in the first month after JobKeeper ends.