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.
Superannuation income streams types
Calculating the rate of income support payments
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