Jobs weather the Omicron storm amid sinking hours

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Omicron has been yet another hurdle for households and businesses. Surging case numbers forced millions into isolation and many businesses had to grapple with a sharp spike in absenteeism. As a result, some had to cut their operating hours, or even shut up shop temporarily.

Like previous COVID-19 waves, businesses favoured cutting hours rather than headcount. Hours worked sank by the second largest amount on record in January. Despite this fall, employment actually increased to a new record high. Encouragingly, the unemployment rate hovered around 4.2% - its lowest level in more than a decade.

How will the jobs market fare as case numbers fall? See our short video below to find out.

Economic Insights - 18 February 2022

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Most income streams are sourced from account based pensions and insurance companies (annuities) with the same and concessional tax structure for both.
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The rate of social security payments are affected by an asset and income test. Generally, the test that results in a lower payment is what determines the rate payable.
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A Regulation has now been registered to increase the age when the work test will apply to 67 and also the upper age limit for spouse contributions to 75.
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