New ABS figures reveal lockdown impact on unemployment, underemployment in Victoria
Alarming new figures show just how many Victorians have lost their jobs over the last two months, while many more have had hours cut or left the workforce completely.
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More than 210,000 Victorians have lost their jobs, had their hours cut or given up looking for work over the last two months, according to new data which reveals the economic impact of the COVID-19 lockdown.
Australian Bureau of Statistics figures show 73,000 Victorians were laid off in August and September, while another 81,000 left the labour force completely.
Another 58,000 had their hours reduced, and 112,900 Victorians who were employed in September did not work any hours at all.
The state’s underemployment rate — covering people with jobs who want more hours — has shot up to 14.9 per cent, with 515,000 Victorians in that position.
Josh Frydenberg said the figures were “devastating”, with 172,000 jobs created across the rest of the country in August and September as Victoria went backwards.
“Time for the lockdown to end and Victorians to get their freedom back,” the Treasurer said.
The number of Victorians leaving the labour force meant the state’s unemployment rate actually improved to 6.7 per cent in September — better than New South Wales, Queensland and South Australia.
There are now 230,000 Victorians hunting for jobs who the ABS considers unemployed.
ABS labour statistics head Bjorn Jarvis said that across the country, total hours worked crept up by 0.5 per cent in September, although that figure remained 5.1 per cent below where it was before the pandemic.
But in Victoria, he said hours worked fell by 2.1 per cent in September after crashing 4.6 per cent in August.
Scott Morrison said this was the “economic cost of that shutdown” in Melbourne.
“That’s why we’ve got to get Victoria open safely again so people can open their businesses again. People can get back to work again and people can get on with building back that Victorian economy,” the Prime Minister said.
Daniel Andrews said the figures were “not surprising” and represented a “call to action” for his government to deliver an unprecedented job-creating budget later this year.
But Victorian Shadow Treasurer Louise Staley said the continuing restrictions would “destroy jobs and destroy hope”.
The national unemployment rate rose slightly in September to 6.9 per cent, and the federal government expects it will continue to creep up over coming months.
Reserve Bank Governor Philip Lowe said on Thursday that during the recession so far, there was a “striking difference” as employment grew in occupations with the highest earnings and declined in low-paid roles.
He said addressing unemployment was an “important national priority” and that the RBA wanted to assist, including by keeping interest rates at record low levels for at least three years.
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