Older Australians and those employed by small businesses are being left behind by the recovery out of the coronavirus recession as the withdrawal of federal government support filters through the economy.
The recovery is being driven by employment of teenagers, which is now almost 14 per cent above its pre-virus level, growing by 3.2 per cent in the last weeks of October alone.
The worst hit age group is now those over the age of 70 with numbers down by 12.2 per cent, while among those in their 60s the drop has been 6.5 per cent. The next worst age group are those in their 20s, down by 4.5 per cent.
The Morrison government has come under fire for its JobMaker hiring credit program, which pays employers up to $200 a week for each extra staff member aged under 30 they take on. The subsidy is $100 for those workers aged between 30 and 35 with no support for those over 35.
Westpac senior economist Justin Smirk said there had been a 5.5 per cent surge in the number of teenagers on payrolls over the past month compared to a 0.1 per cent drop in those aged between 30 and 36.
“If you remember back to May, both over 70s and under 20s payrolls were the hardest hit by the lockdowns whereas now, the under 20s have surged back while over 70s continue to languish,” he said.
Senior economist with global job website Indeed, Callam Pickering, said it appeared older Australians were struggling to get back into the jobs market.
“Job losses for both men and women remain concentrated among older Australians,” he said.
Unfortunately, many older Australians may be forced into retirement by a lack of opportunity. Payrolls for men and women aged 60 to 69 are still down 6.5 per cent and 9.2 per cent, respectively, and are showing few signs of improvement.”
Sourced By: SMH
