According to recently published figures compiled by The Australian Bureau of Statistics (ABS) the data shows that 378,000 positions of employment were lost during the September 2021 quarter at the height of the lockdowns that were implemented in NSW, ACT and Victoria.
Out of all the jobs that were lost 308,000 were considered to be main jobs, a further 70,000 were considered as secondary jobs.
Hours worked Australian employees also dropped by 4.7 percent over the September quarter and these hours were 3.6 percent below pre-pandemic levels.
“The decline in hours worked over the September quarter was the second-largest fall in the series, which goes back to the mid-1990s,” says Bjorn Jarvis the head of labour statistics for the ABS.
However, data has since suggested there is a marked rebound in the jobs market and the economy more broadly.
On Tuesday 7th December the Reserve Bank of Australia held their monthly board meeting, governor Philip Lowe said leading indicators are pointing to a strong recovery in the labour market.
“Job advertisements are at an historically high level and there are reports of firms finding it difficult to hire workers,” said Philip Lowe the Governor of the Reserve Bank of Australia.
To deal with a growing lack of skilled workers, the Australian Chamber of Commerce and Industry wants to encouraged older workers back into the workforce by increasing the threshold on the work bonus scheme.
Under the government scheme, a pensioner can earn an average of $480 a fortnight or $12,840 a year before their payments are reduced, at an effective marginal tax rate of at least 50 per cent, ACCI says.
“There is an army of older workers, ready and willing to return to the workplace. This is a simple step the Federal Government must take to grow our workforce, boost our productivity and drive our economic recovery,” ACCI chief executive Andrew McKellar said.
Furthermore, business activity around Australia is currently weaker than what it had hoped for after covid-19 restrictions were eased. Some of the concerns include a spike in defaults and court actions reported.
In November 2021, there was a 53 percent increase in the number of defaults reported this meant that the post-lockdown period isn’t entirely comfortable for small and medium-sized enterprises.
Court actions involving firms also increased by 85 percent in November, while the number of external administrations was up 15 percent, the second consecutive monthly increase.
Centrelink Offers Financial Support for People Who Have To Self-Isolate or Quarantine
With border restrictions continuing to be eased across the country, Centrelink has announced financial support for Australians who catch covid-19 and consequently have to self-isolate or quarantine.
Centrelink is also offering support payments for Australians who are in a position of carer for an individual who is diagnosed with covid-19.
The payment is known as “The Pandemic Leave Disaster Payment” and it is available for eligible Australians living in all states and territories across the country.
Prior to Thursday 9th December 2021, the payment would allocate $1500 for each 14-day period you have been forced to self-isolate or quarantine or are caring for someone who has covid-19.
After Thursday 9th December, Services Australia will pay $750 for each seven-day period you are forced to self-isolate or quarantine or care for someone who has been diagnosed with covid-19.
The “Pandemic Leave Disaster Payment” can be described as a lump sum payment for Australians who can’t earn an income during the duration they are needing to self-isolate or quarantine for the following reasons; they have tested positive to covid-19, they have been listed as a close contacted of a confirm covid-19 cases, they are caring for a child aged 16 or under who has covid-19, you care for a child who is 16 years or younger that has been in close contact with covid-19 positive person or you are caring for a person who has a disability or a severe medical condition that must self-isolate or quarantine.
Furthermore, to receive the payments you must also be at least 17 years of age, you must be an Australian resident or hold a visa that gives you the right to work in Australia, you are unable to go to work or earn an income, you have no sick leave entitlements this includes pandemic sick leave, person leave or leave to care for another person.
You will be deemed ineligible if during your period of isolation, you receive or have received any income, earnings or salary from paid work, any income support payments such as; ABSTUDY Living Allowance, Parental Leave Pay or Dad and Partner Pay, an ACT Covid-19 Hardship Isolation Payment, The Covid-19 Disaster Payment.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)
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