Finance Finance News Jobs recovery slows in early November

Jobs recovery slows in early November

The federal government is giving the manufacturing sector a $280 million funding boost. Photo: AAP
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The sharp rebound in payroll jobs following the end of COVID-19 lockdowns in major states slowed in early November.

The Australian Bureau of Statistics said payroll jobs rose by 0.2 per cent in the fortnight to November 13 after jumping 1.5 per cent in the previous two weeks.

“Payroll jobs recovery slowed in early November, following the fast recovery we saw in New South Wales, Victoria and the Australian Capital Territory in the second half of October,” ABS head of labour statistics Bjorn Jarvis said.

Payroll jobs in Victoria rose by 0.8 per cent in the first half of November and by 0.3 per cent in the ACT.

This followed stronger payroll jobs growth in the previous fortnight — up 2.9 per cent and up 4.3 per cent respectively — in the initial weeks after the lockdowns ended.

In NSW, where the lockdown and other restrictions had eased earlier, payroll jobs recovery flattened in the first half of November, down 0.1 per cent, after larger increases during October.

Reserve Bank of Australia governor Philip Lowe stayed clear of the economic and monetary policy outlook when he addressed the Payments Summit 2021.

Instead, he stuck to the script of the payment system and how it is developing away from banknotes and towards electronic payments and digital wallets, which is resulting in growing community and political interest in security, reliability and cost of payments.

“No longer do people talk about payments as being the plumbing of the financial system,” he said.

“Instead, they talk about how what is happening in the world of payments is reshaping our financial systems and how it will continue to do so into the future.”

Meanwhile, the Morrison government is ploughing a further $280 million into the manufacturing sector to help secure the nation’s economic recovery.

The funding will be soon be available for business through the second round of the modern manufacturing initiative which targets six areas: space, medical products, resources technology and critical minerals processing, food and beverage, recycling and clean energy, and defence.

Industry Minister Angus Taylor said the matched funding will help manufacturers break into new markets and translate great ideas into commercial outcomes.

“We know our manufacturers will lead the charge when it comes to our economic recovery from the pandemic and that’s why we’re investing in them to help secure our future,” Mr Taylor said in a statement.

“Our modern manufacturing initiative is already investing in phenomenal projects that will support businesses to scale-up, introduce new products to market, strengthen our supply chains and create more local jobs.”