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V is victory in COVID jobs recovery

  • Australia’s job market lost and regained 857,000 jobs in 2020.
  • The recessions of 1981 and 1991 observed inflation and asset price shocks.
  • Monetary and fiscal policy responses in 2020 aided jobs recovery.

Australia’s job market is undergoing a v-shaped recovery in the most impressive jobs come-back in modern history.

Australia’s total job losses three months after Australia’s aggressive 2020 clockdowns stood at 857,000 – which was the greatest labour market destruction in about 120 years.

The jobs recovery is the most impressive historically and in comparison with the 1991 and 1981 – 1983 recessions, the COVID-recovery saw the economy regain the total jobs shed within 12 months.

In the 1981 recession, it took three years for the labour market to recover while it wasn’t until 1995 that the jobs market had regained lost positions following the 1991 recession.

In 1991, inflated house prices, global stock market bubbles and exemplified by many businesses being loaded up with too much debt.

In the 30 years since the 1991 recession, Australia’s economy has drastically diversified, embracing digital technologies and greater flexibility within the labour market.

Coupled with aggressive fiscal and monetary policy responses have provided a snap back in the jobs market meaning V is for victory following the COVID induced recession.

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