Coronavirus in Australia: One million people lost their jobs in a month due to COVID-19 crisis

New data shows the dire cost of the coronavirus crisis, with huge job losses and a hefty weekly economic hit thanks to lockdown measures.

A staggering number of Australians lost their jobs in a month due to the economic crisis sparked by the coronavirus pandemic, new figures show.

The dire numbers have been released on the back of Treasury estimates that the strict lockdown measures are costing the economy $4 billion every week.

The Australian Bureau of Statistics released data this morning showing that almost one million people are now out of work due to COVID-19, with countless businesses impacted by bans and restrictions to help with social distancing.

Between March 14 and April 18, the number of jobs fell by 7.5 per cent, while the value of wages paid slumped by 8.2 per cent.

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ABS data shows almost one million Australians lost their jobs in a month due to the coronavirus crisis. Picture: AFP

The food services and accommodation sectors were hardest hit, with more than 40 per cent of staff aged 20 to 29, and those aged over 70, out of work.

Meanwhile, one-third of people employed in arts and recreation jobs are now unemployed.

Treasurer Josh Frydenberg said the national economy is forecast to contract by 10 to 12 per cent by June, equivalent to $50 billion.

On current estimates, the lockdown measures in place are costing the economy $4 billion every week.

Labor’s treasury spokesman Jim Chalmers said the estimates are dire.

“The longer that the economy is shut down, the more impact that will have on jobs, livelihoods, living standards and people’s personal finances,” Mr Chalmers said in an interview on ABC.

“Every decision-maker in the economy, whether it’s the politicians, the employers, and the workers, have difficult decisions to weigh up.”

Unemployment is expected to hit at least 10 per cent by June, double the current figure.

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Treasurer Josh Frydenberg has warned that the economic crisis won’t be eased any time soon. Picture: AAP

The ABS also released data on the impact on households of the coronavirus crisis, finding 31 per cent of Australians say their finances have worsened since the pandemic hit.

One in six Aussies were forced to take one or more actions to support their basic living expenses between mid-March and mid-April.

The most common steps taken were drawing on savings (10 per cent) and reducing home loan repayments (three per cent).

Of those Aussies still employed, 12 per cent of people reported a change in their working circumstances since the end of March.

Half of respondents said they were working less hours while 49 per cent said they had some other change, such as working from home.