More than 300,000 people could lose their jobs in the first wave of heavy cost-cutting as corporate Australia desperately attempts to stave off the worsening effects of the coronavirus pandemic and conserve cash, amid unprecedented shutdowns of large parts of the hospitality industry.
As companies swing the axe hard, federal Treasurer Josh Frydenberg revealed Treasury estimates that up to a million people could receive the $550 coronavirus supplement which is part of the federal government's stimulus package.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
