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Job market softening even before tougher lockdowns hit the economy

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Separate figures compiled by ANZ spotlight the affect of the lockdowns on Sydney. It discovered the variety of Google searches in NSW for the time period “Centrelink” surged to its highest stage since April final yr, when the nationwide economy was in lockdown.

Measures of mobility additionally present exercise throughout NSW is again to the place it was throughout final yr’s shutdown.

Mr Frydenberg mentioned the economy would wrestle as the nation’s two largest cities, Sydney and Melbourne, had been in lockdown, with the value prone to be at the least $300 million a day.

“Right now, with more than 13 million of our fellow Australians in lockdown, these are very
trying times. Businesses are closed, kids are being homeschooled and families are apart,” he mentioned. “It’s going to have a hit on the economy. We’ll see that in the future jobs data as well as in the GDP growth numbers.“

Shadow treasurer Jim Chalmers said the federal government was responsible for the growing cost of the lockdowns.

“The economy is bleeding billions of dollars a week because [Prime Minister] Scott Morrison hasn’t done his job and rolled out the vaccine and built quarantine facilities,” he mentioned.

Commonwealth Bank’s head of Australian economics, Gareth Aird, mentioned there was rising uncertainty over the fallout from the present lockdowns.

Mr Aird, who has forecast the economy to contract by 0.7 per cent in the September quarter, mentioned the current extension and tightening of lockdowns meant the affect was in all probability getting worse.

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“The absence of any downward trend in the number of daily new COVID-19 cases active in the community in Greater Sydney means it is not yet possible to forecast an end date to the lockdown,” he mentioned.

“Income support to businesses and workers negatively impacted by the lockdowns remains critical to ensuring a strong economic rebound once restrictions are eased.”

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