Westpac note that "JobKeeper could have...>

AUSTRALIA: Westpac note that "JobKeeper could have compressed wage distribution

by lifting wages for lower income workers, particularly part-time workers, while

lowering wages at the higher level particularly if they are working zero hours

and the JobKeeper payment is their sole compensation. In April, the JobKeeper

package provided such a sig. offset for low income workers that overall wages

didn't fall as much as jobs even though the Labour Force Survey had hours worked

falling > employment. This transition to JobKeeper from late March, and through

April, provided such a significant offset for incomes that in some industries

(in particular arts & recreation), and for the youngest cohort, it was a

noticeable positive boost to wages offsetting the job losses. This reversed

through May with Weekly Payrolls reporting wages falling > jobs while the Labour

Force Survey reporting hours worked falling > employment, particularly for

part-time workers. The boost to incomes from JobKeeker has ended and wages

appear to be falling back to fundamentals. If employment is not growing fast

enough in September to offset the loss of JobKeeper support, then the ending of

the programme will represent a sig. drag on wages & household incomes."