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56,000 jobs lost after JobKeeper

·2-min read
Two workers wearing masks, one cleaning a table in a restaurant and the other leaning on the shelves on a grocery store.
Treasury has indicated 56,000 Aussies lost their job after the end of JobKeeper (Source: Getty)

Around 56,000 Aussies have lost their jobs since the end of the Government’s JobKeeper scheme, according to Treasury, but it could have been much worse.

In March this year, Treasury estimated between 100,000 and 150,000 JobKeeper workers could lose their job in the months following the removal of JobKeeper, but luckily that situation seems to have been avoided.

“Early indicators suggest that, while there have been some job losses associated with the end of the program and there may be more in the future, the strength of the broader labour market has meant that many of these individuals are finding jobs,” Secretary to the Australian Treasury Steven Kennedy said.

No different to usual

The most recent unemployment figures from the Australian Bureau of Statistics (ABS) indicated the end of JobKeeper did not have a big impact on employment, instead saying the change in numbers was no different than usual seasonal fluctuations.

The unemployment rate fell to 5.5 per cent in April, over a percentage point lower than it was in December, and the number of people receiving unemployment benefits has fallen by around 150,000 since the end of March.

But Kennedy said, despite the positive numbers tens of thousands of Aussies have still lost their jobs.

“Up to 40,000 former JobKeeper workers lost employment in the first two weeks following the end of JobKeeper,” he said,

“We now have an extra two weeks of data and across the four weeks, around 56,000 former JobKeeper workers lost employment.”

Job vacancies at record highs

But it’s not all bad, Aussie employers are on the hunt for more workers, with job advertisements jumping to record highs last month.

And Kennedy said we are on the path potentially seeing higher wages as employers face a more competitive market as the number of Aussies looking for work dwindles.

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