The Greater Sydney job market has taken a huge beating as 5% of its working population has been eliminated from business payrolls in a fortnight. Data provided by the Australian Bureau of Statistics revealed that the number of people on state payrolls slumped 4.4% in the fortnight to July 17. Fears of its subsequent effects on the national economy are also prevalent.
Before the declaration of the current Sydney lockdown, the number of people on payrolls across CBD and inner south saw a drop by 7.6%. A 7.9% drop in the inner-south west, 7.2% in the inner west, and 6.8% in Parramatta were recorded since the early June peaking ahead of the Greater Sydney lockdown. Payrolls witnessed a fall of 19% in the NSW accommodation and food service sector and a significant drop of 18% in recreation service businesses over the fortnight.
Women suffered the brunt of it; with a 2.8% fall on the national payrolls in the fortnight in comparison to 2% for men. The largest payroll drop, down by 5.3% was noticed among people aged more than 70. A 3.9% drop was observed among people in their late 20s.
Although NSW was the worst affected, the decline in the payroll numbers of other states and territories was disappointing as well, 2.4% in the ACT, 1.9% in Victoria, 1.1% in Queensland, 1.4% in South Australia, 1.2% in Western Australia, 1.7% in Tasmania and 1.5% in the Northern Territory.
There has been a growing concern that the Greater Sydney lockdown will have far-reaching deteriorating effects on other states. It might lead to a grave situation regarding job losses in states where there are no disaster relief payments in place.