56,000 people lost employment in the month after JobKeeper ended | Ralph Lauren

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About 56,000 Australians have lost their jobs in the month since JobKeeper was cut off, the Treasury has revealed.

Speaking at senate estimates on Tuesday, government officials also said it was of “utmost importance” Aussies got the jab to secure the nation’s economic recovery.

Treasury secretary Dr Steven Kennedy said payroll data supplied to the tax office suggested about 56,000 former JobKeeper workers lost employment in the first four weeks after the government wage subsidy ended in March.

While there have been some job losses associated with JobKeeper ending and potentially more on the way, there were early signs the strength of the job market meant many of these people are finding jobs, he added.

“In terms of the net labour market impact, it’s worth remembering that around 400,000 people move into and out of employment in a normal month and we would expect many of those who lost employment at the end of JobKeeper to regain employment in coming weeks,” Dr Kennedy said.

The May labour market report, to be released on June 17, will provide a detailed update on the job market since JobKeeper ended.

Meanwhile, the unemployment rate fell to 5.5 per cent in April, more than a percentage point lower than the December figure.

The number of people on unemployment benefits also dropped by about 150,000 since the end of March.

The jobless rate was expected to fall to 5 per cent by June 2022 and beyond this, to 4.5 per cent in 2023-24, Dr Kennedy said.

The economy was still expected to grow by 5.25 per cent in 2021, with the vaccine rollout and fiscal policy and support continuing to drive growth over the next few years.

However, while Australia’s economic recovery was running ahead of expectations, he stressed we needed to “constantly check ourselves” and it was of “utmost importance” Aussies get vaccinated.

Dr Kennedy said the continuation of Covid-19 outbreaks overseas, the emergence of new variants and the latest outbreak in Melbourne showed the pandemic was not over.

“We cannot take our recovery for granted,” he said.

“To secure the economic recovery, it is of utmost importance that Australians get vaccinated when their turn comes – to help reduce the health and economic risks of future outbreaks and, when safe, enable us to open our international borders.”

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