Jobs weather the Omicron storm amid sinking hours


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
Most income streams are sourced from account based pensions and insurance companies (annuities) with the same and concessional tax structure for both.
Technical resource
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.
Technical resource


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