CANBERRA, AAP – New economic figures will give the first clear gauge of what impact, if any, the end of the JobKeeper wage subsidy has had on employment.
The Australian Bureau of Statistics will release its payroll jobs report on Tuesday for the week ending April 24, a precursor to the official labour force report for April due later this month.
JobKeeper, and the coronavirus supplement to the JobSeeker dole payment, both ended in March.
Treasury has forecast up to 150,000 people would lose their job as a result of the wage subsidy ending.
However, economists are growing in confidence that the strength of the labour market could see these potential job losses absorbed.
The National Australia Bank’s monthly business survey released on Monday showed confidence and conditions among firms were at record highs in April, suggesting further employment gains in the future.
The National Skills Commission’s preliminary vacancy report, also issued on Monday, showed job advertisements posted on the internet rose by a further 3.3 per cent in April.
It was the 12th consecutive monthly rise, and figures now stand a staggering 245.8 per cent higher compared to a year ago when job ads shrank to a record low from the initial impact of the COVID-19 pandemic.
The payroll jobs figures are released just hours before Treasurer Josh Frydenberg hands down his third budget.
The weekly ANZ-Roy Morgan consumer confidence index – a pointer to future household spending – is also due on Tuesday.
It will provide an insight into the mood of Australians heading into the budget.
Confidence has been holding just above its long-run average after wobbling over the recent COVID-19 lockdown in Perth.