Treasury chief Steven Kennedy told senators last week many of the people out of work as a result of the JobKeeper wage subsidy ending should find employment in coming weeks.
The latest ANZ job advertisement report for May due for release on Monday will outline the strength in demand for workers to potentially absorb those job losses.
In April, job ads rose a further 4.7 per cent to 12-year peak and were 27.8 per cent higher than their pre-pandemic level.
Addressing a senate hearing last week, Dr Kennedy estimated that using Australian Bureau of Statistics data, some 56,000 people lost jobs in the four weeks following the JobKeeper scheme ending in March.
Back in March, he had predicted that up to 150,000 people could lose their jobs.
“Early indicators suggest that while there have been some job losses associated with the end of the program, and there may be more in the future, the strength of the broader labour market has meant that many of these individuals are finding jobs,” Dr Kennedy said.
On Wednesday, the ABS will release it’s weekly payroll jobs report – covering the fortnight to May 22 – a prelude to the following week’s full labour force report for May.
So far the ABS believes the end of the JobKeeper wage subsidy in March has had no “discernible impact” on employment.
While there has been uncertainty surrounding the impact of JobKeeper ending, the unemployment rate fell to 5.5 per cent in April, its sixth consecutive decline.