Australian employment fell 1.1% between mid-June and mid-July, weekly data showed on Tuesday, with the biggest loss coming from the second most populous state of Victoria which is grappling with a fresh wave of coronavirus infections.
FILE PHOTO: People are seen on the ground floor of an office building amidst the easing of the coronavirus disease restrictions in the Central Business District of Sydney, Australia, June 3, 2020. REUTERS/Loren Elliott
The Australian Bureau of Statistics said total payroll jobs decreased 2.2% in Victoria alone as additional COVID-19 restrictions were re-introduced following an “alarming” rise in cases recently.Australia has seen a surge in jobs growth in the past couple of months as authorities largely managed to control the spread of the virulent disease and began re-opening the economy. That helped recoup around 35% of payroll jobs lost due the coronavirus, Tuesday’s figures showed.
There had been around 12.3 million people counted as employed in June, according to official employment statistics, down sharply from just over 13 million in early March before the lockdowns kicked in.The Reserve Bank of Australia has responded by slashing its cash rate to a record low 0.25% in an emergency meeting in March and launching an “unlimited” bond buying programme.
It has pledged to keep interest rates at these levels till progress is made in achieving its employment and inflation goals. Data on Wednesday is likely to show the largest decline ever in Australian consumer prices in the second quarter. Analysts polled by Reuters forecast the consumer price index dived 2% in the June quarter, from the first, causing annual prices to drop 0.4% in the first negative reading since 1998.
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