The federal government and the Reserve Bank of Australia have both said getting workers back into employment is the main focus for the economic recovery following the first recession for the country in 29 years.
At the height of the first wave of coronavirus outbreaks in July more than one million people were out of work for the first time in the nation’s history. The RBA estimates this could have been compounded by a further 700,000 job losses had the federal government not introduced the $101.3 billion wage subsidy scheme JobKeeper. By October, about 650,000 of the jobs lost during the crisis had been recovered across the country, though this included a higher proportion of part-time roles.
Federal government budget 2020-21: JobKeeper, aged care, COVID impacts
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ASX hits best level since February 25
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