Victoria Takes the Brunt of Job Cuts in Australia

‘Premier Ted Baillieu said Victoria was experiencing a shift from full-time to part-time employment, but expressed concern that much of it might be reflecting under-employment rather than deliberate choices by workers.

Economists warned that there was worse to come, and in a wide range of industries, as the high dollar sends jobs overseas and diminished spending growth contracts jobs at home.

”We expect that over the next few months NSW and Victoria will bear the brunt of the employment correction under way in retail, manufacturing, construction, business services and finance,” said Westpac chief economist Bill Evans. ”As such, we see the labour market weakening further in these states.”’

Advertisements