News dalla rete ITA

24 Novembre 2020

Australia

RBA: JOBKEEPER SAVED 700,000 JOBS

One in five Australians and three in five foreigners who received JobKeeper would not have remained employed had it not been for the $101 billion program, the Reserve Bank has found.In a special discussion paper that looks at how JobKeeper cushioned employment losses in the first four months of the program, the RBA identified total employment losses of at least 700,000 were avoided. The central bank researchers looked at the take-up rate of JobKeeper, defined as the share of worker-eligible employees who actually received JobKeeper – as some who were eligible did not receive it.The ability of JobKeeper to keep recent migrants in a job is even stronger, increasing their probability of staying employed by more than 60 percentage points in May and June. The research also looked at whether temporary workers of less than 12 months, who were not eligible for JobKeeper, were more prone to being sacked than people with longer-term tenure in what is known as last in, first out (LIFO)."By late May more than 90 per cent of all job losses since February were experienced by workers who had been employed in a JobKeeper-enrolled firm but were not themselves eligible for the payment. Over the same period, eligible employees in those firms experienced no net job loss."The RBA notes, however, that this relationship reversed later in the year. But the RBA also points out that with some LIFO effect before COVID-19, the JobKeeper hit to temporary workers might be overstated.RBA's overall estimate of the jobs saved is a little larger than Treasury’s more recent estimate in the July economic and fiscal update that all of the fiscal stimulus has prevented the loss of about 700,000 jobs.Treasury's estimate includes the effect of JobKeeper as well as cash payments to households, income support and investment incentives for businesses, loan guarantees and regulatory measures. Treasurer Josh Frydenberg said the paper "confirms what millions of Australians already know – that the Morrison government’s JobKeeper program was a country-saving moment.""For the six months to the end of September, around $70 billion in JobKeeper payments were made to around 900,000 businesses supporting more than 3.5 million jobs."About 650,000 jobs have since returned in the past five months, including 180,000 in October, according to the latest official employment figures from the Australian Bureau of Statistics. (ICE SYDNEY)


Fonte notizia: Financial Review 23.11.2020