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BoK Growth Forecast Could Be At Risk

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The ABS notes that "payroll jobs fell by 1.0% nationally in the fortnight to 3 July 2021, following a 0.4% rise in the previous fortnight, according to figures released by the Australian Bureau of Statistics (ABS) today. The latest fortnight of data overlapped with increased COVID-19 restrictions in most states and territories, including lockdowns in four of the eight capital cities. It also coincided with school holidays in most states and territories. Payroll jobs fell in every state and territory in the fortnight to 3 July 2021, with the largest falls seen in states and territories with lockdowns during this period. This ranged from a fall of 1.4% in New South Wales and the Northern Territory, to 1.1% in Western Australia and 1.0% in Queensland. Through the end of June and into early July, people living in capital cities and surrounding urban areas were generally more impacted by payroll job losses than rural and regional areas. This was particularly true in New South Wales, where payroll jobs in Greater Sydney fell by 1.9%, compared with a 0.4% fall in the rest of NSW. A greater impact was also seen in Greater Brisbane compared with the rest of Queensland, but the impacts were more even in Western Australia and the Northern Territory."