AAP

Another lockdown to unsettle confidence

AAP logo AAP 29/03/2021 18:43:15 Colin Brinsden, AAP Economics and Business Correspondent
a person wearing sunglasses driving a car: Economic confidence may take another knock as Brisbane enters a three-day COVID-19 lockdown. © Dave Hunt/AAP PHOTOSEconomic confidence may take another knock as Brisbane enters a three-day COVID-19 lockdown.

Brisbane's snap three-day COVID-19 lockdown ahead of the Easter holiday risks further undermining confidence at a time when key support measures are being unwound.

Greater Brisbane is locked down for three days on fears of significant community transmission as a coronavirus cluster grew to seven cases.

Previous lockdown episodes have taken their toll on business and consumer confidence, potentially undermining the economic outlook in terms of investment, hiring and spending.

Tuesday's weekly ANZ-Roy Morgan consumer confidence survey - a pointer to future household spending - would have been taken at the weekend and before the latest lockdown was announced.

Confidence has weakened in the past few weeks due to anxiety over the end of the JobKeeper wage subsidy.


Gallery: VFACTS February 2021: New-car sales recovery continues despite stock shortages (CarAdvice.com.au)

JobKeeper finished on Sunday after successfully providing support during last year's recession.

However, Treasury estimates up to 150,000 people could be left without a job as a result of the subsidy ending.

This week will also see the scrapping of the coronavirus supplement, an additional payment for someone on the JobSeeker dole payment.

It means someone who had been on JobKeeper would see their government support shrink from $500 per week to $314 if they were forced to go on the dole.

The Australian Bureau of Statistics will release its weekly payroll jobs figures, which will provide a guide to the state of the labour market prior to the end of JobKeeper.

There is uncertainty whether the labour market has the momentum to absorb the potential job losses created by the demise of JobKeeper, or whether the steady drop in the unemployment rate from its recession peak will grind to an abrupt halt over the next few months.

lundi 29 mars 2021 21:43:15 Categories: AAP

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