As many as 250,000 Australians could lose their jobs in the coming weeks as the Government pulls the plug on its $90 billion subsidy scheme at the end of March.
In an attempt to get the economy to back on track after the devastation caused by COVID-19 lockdowns, politicians have set an end date of March 28th, when wage contributions to thousands of businesses will cease.
A warning has been issued by a leading labour market analyst who warns that the withdrawal of government cash will bankrupt businesses across the country that until now had been kept afloat by the scheme.
In a doom and gloom report written by Professor Jeff Borland from the University of Melbourne, he commented, “My best guesstimate is that 125,000 to 250,000 persons might lose their employment when the program finishes.”
Borland continued, “It doesn’t take too much to change for the number to look more like my guesstimate based on the (Australian Bureau of Statistics’ Labour Force Survey) data. For example, if the average revenue loss of business receiving funds were only 15 per cent by the end of March, it would mean 235,000 persons would lose employment.”
Finishing off his report, the professor said that forecasting potential job losses are tough, and he does not think Australia will bounce back anytime soon.
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