NSW is on the rebound from lockdown. But how strong will the recovery be?

How do you mark the end of 15-weeks in lockdown? For Sydney, it was with a blast of consumption.

The state’s jobless rate, now 4.6 per cent, does not reflect the scale of the crisis because hundreds of thousands of workers simply dropped out of the labour force altogether during lockdown and were not counted. EY chief economist, Jo Masters, estimates that if they were included, the NSW unemployment rate would be around 10 per cent.

Premier Dominic Perrottet is confident the state can do it again. He points out the almost 300,000 jobs lost in NSW during the 2020 lockdown were swiftly restored “plus 30,000 more”. in Sydney during September in anticipation of lockdowns easing. Economists also expect there has been some “labour hoarding” during lockdown – when businesses retain staff despite tough trading conditions because they know it will be difficult to find replacement workers with the right training and skills when things improve.

“If we get a permanent reduction in risk appetite and entrepreneurialism as a result of this crisis it will be very, very costly in the long run. I think it’s important to identify those areas that need support to bounce back, but it needs to be targeted.

Regional businesses will continue receiving support payments of 30 per cent of their weekly payroll under the government’s JobSaver program until November 1 when it will tail off to 15 per cent. All other businesses in metropolitan Sydney will transition to 15 per cent from Monday.

MattWadeSMH LucyCormack 🥱

MattWadeSMH LucyCormack absolutely. I went and bought a chocolate eclair.

MattWadeSMH LucyCormack Money for big business! That's what it's all about.

MattWadeSMH LucyCormack In Western Sydney? Or just in the areas that were in a mock down?

MattWadeSMH LucyCormack incredible that the protection provided by the state was non existing..........better luck with the new bloke?

MattWadeSMH LucyCormack Yes, I'm eating out so much, for myself and local business, I'm putting on weight.

MattWadeSMH LucyCormack The Premier of Australia Has gone rogue COVID19 insiders

MattWadeSMH LucyCormack Blah blah blah

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