SPR30831 WLF SPA WhitePaper v12 - Flipbook - Page 12
Economic overview
Figure 2.0 Changes in jobs by industry:
14 March − 2 May 2020
All industries
Wholesale trade
Transport, postal and warehousing
Retail trade
Rental, hiring and real estate services
Public administration and safety
Professional, scientific and technical services
Other services
Mining
Manufacturing
Information media and telecommunications
Health care and social assistance
Financial and insurance services (b)
Electricity, gas, water and waste services
Education and training
Construction
Arts and recreation services
Agriculture, forestry and fishing
Administrative and support services
Accommodation and food services
-40.00% -30.00% -20.00% -10.00%
Series 1
Series 2
Series 3
0.00%
10.00%
20.00%
Series 4
Source: Australia Bureau of Statistics
The impact of the COVID-19 response on Australia’s economy has however, been moderated by
the Australian Government’s significant investment in measures designed to stem the impact on
employment and business; and provide the newly unemployed with a safety net.
The government’s ‘JobKeeper’ payment is a job retention measure enabling businesses affected
by COVID-19 to claim a $1,500 fortnightly contribution toward the wages of each employee29.
The treasury’s revised estimates show the JobKeeper payment is subsidising the wages of 3.5
million people, costing an estimated $70 billion over six months30.
The second significant change was an adjustment to the JobSeeker payment available to the
unemployed. In April 2020, the Australian Government added a $500 fortnightly Coronavirus
Supplement to the JobSeeker payment for unemployed people, while relaxing mutual obligation
requirements31. Both JobSeeker and JobKeeper were announced as temporary measures and
are due to expire in September 2020.
Economic impact and suicide/suicidality
While it can be challenging to demonstrate causality between suicide and any single factor, there
is an association between economic recession and increasing suicide rates, particularly in
high-income nations. A systematic review found 31 of 38 previous studies had established a
positive association between economic recession and suicide. The same study also establishing
that the global recession following the 2008 financial crisis, had also been associated with an
increase in suicide rates in Europe and North America32. Analysis of suicide rates in Australia
found the impact on suicide rates following the 2008 crisis was less significant, reflecting the
greater resilience of the Australian economy. Although some sectors, particularly construction,
had seen a marked increase in suicide rates that correlated with a significant downturn in the
industry33.
The downstream impacts of economic downturn are also linked with increasing suicide rates.
Unemployment is a well-established risk factor for suicide; particularly in high-income countries
Reducing distress in the community following the COVID-19 pandemic
June 2020
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