The number of payroll jobs went down by 0.7 per cent in just one week, between September 26 and October 3. That is significant because this week is the first week where the official statistics would be able to capture the effect of the new JobKeeper system.
This is happening as Victoria fixes its virus situation. It’s not the first time the series has fallen, but earlier falls are mostly related to the virus getting worse. This time what’s worsened is the amount of government support.Source:SuppliedThis is preliminary data from the Australian Bureau of Statistics based on businesses that report their payroll directly to the tax office. It reveals the biggest fall in jobs was among small businesses.
The RBA Governor puts it like this: “It is entirely possible that as restrictions ease, people will choose to draw on their accumulated buffers to sustain and increase their spending.”
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