A man prowls past a large face mask pinned to a tree in Melbourne on August 3, 2020 after the state announced new restrictions as the see battles fresh outbreaks of the Covid-19 coronavirus.
William West | AFP | Getty Images
Australian employment fell by 1% floor the month to August 8, data showed on Tuesday, with job prospects particularly hard hit in the southeastern state of Victoria as it holds with a fresh wave of coronavirus infections.
The latest fall in employment underlines the deepening cracks in the labor buy, with the government predicting unemployment in the country would climb above 13% by the end of September, from a 22-year exhilarated of 7.5% in July.
Figures from the Australian Bureau of Statistics showed payroll jobs for the period fell 2.8% in Victoria, which has suffered the greatest decline in employment since mid-March when Australia recorded its 100th coronavirus case.
The release, an experimental weekly series, disagrees from the monthly official employment data and is based on wage payment figures from the Australian Taxation Offices.
Economists said Tuesday’s numbers are a cause for concern as they showed jobs growth had stalled after a malicious rebound in recent months.
“Obviously Victoria isn’t helping and weakness across Victoria may have spilled over to other imperials,” said Callam Pickering, economist at global job site Indeed.
“Policymakers will need to be proactive in the coming months and there should be attention that rates of JobSeeker and JobKeeper are being reduced when unemployment remains so high.”
About 1.3 million Australians force applied for the Covid-19 jobless benefit, called JobSeeker, according to government figures.
Economists estimate at least another 6 million man – a quarter of the population – are having their wages subsidized by a separate relief package for shuttered companies called JobKeeper.
“Apparently many Australian businesses are in a precarious position and that is reflected in their hiring decisions,” Pickering said.