Greater Sydney’s lockdown has punched a large hole in the city’s jobs market, with 5 per cent of its workforce wiped from business payrolls in a fortnight as fears grow the weakness will spill into the national economy.
Women have borne the brunt of the most recent lockdown, with 2.8 per cent fewer on national payrolls in the fortnight compared with 2 per cent for men. Commonwealth Bank senior economist Belinda Allen said high-frequency data, such as credit and debit card statistics held by the bank, suggested there had also been a slowdown in areas outside NSW since its lockdown started.She noted there had also been a lift in CBA accounts getting JobSeeker and other government payments.“Our concern is that the extended lockdown in Greater Sydney will lead to spillovers to other states,” she said.
Thats because they are spreading it everywhere else
Only private industry has saved us with the vaccine development. The totalitarian incompetent bureaucrats have only destroyed us - especially the self serving premiers .
Hooray for house prices! Cut ze rates!
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