The unprecedented effect of COVID-19 is seen on the labour market. ANZ Australian Job Advertisement dropped by 53.1 percent m/m in April.
According to ABS data, in the week ending 4 April 2020, total employee wages paid dropped by 5.1 percent w/w and total employee jobs declined by 5.5 percent w/w. Due to coronavirus, 47 percent of trading businesses had made modifications to their workforce in the last two weeks of March.
As per Department of Social Services, the number of total jobseekers has risen by over 530,000 in the period of six weeks to 24 April 2020.