Millions of Australians suffer, while those with regular salaries are the elite, by Robert Gottliebsen.
Those Australians who are continuing to earn their regular salaries or maintain income during the COVID-19 shutdowns have become the community elite.
Most have little concept of the suffering and fear that is spreading through vast areas of the community where income has either evaporated or is in grave danger of being greatly reduced, particularly when JobKeeper ends. …
Morgan CEO Michele Levine says a staggering 10.5 million Australian workers have had their employment situation changed by the impact of the coronavirus crisis. They include 3.8 million with work hours reduced; 2.7 million stood down, of which 2.4 million have not had any work offered; 1.4 million have had their pay reduced for the same number of work hours and 670,000 have been made redundant.
A large amount of this carnage is in the previously safe service sectors like real estate, tourism, airlines/airports, restaurant-hotels-cafes etc.
Morgan has discovered that if you work in a large organisation, you have a better chance of escaping the blows and becoming part of the income elite. In organisations employing more than 1000 employees, some 46 per cent have not had their employment impacted in some way by the crisis.
By contrast. three-quarters of sole traders have been impacted, as have many smaller enterprises.
Industries which have felt the least impact from the crisis include agriculture, wholesale trade, transport and storage, construction and electricity and gas. Then come public servant-dominated water, public administration and defence.
So far, few primary and secondary school teachers have been stood down but the sharply reducing numbers of foreign students is causing a crisis in universities. So far most of those stood down have been casuals and lesser paid staff. But in 2021 the full extent of the crisis will be known, and many universities will not be able to maintain their current staff levels.
And the lower number of overseas students will ravage the demand for the small student apartments that dominate Sydney and Melbourne.
There is a clear danger that the outspoken criticism of China by Australian government politicians will see China greatly curb the number of students coming here and ravage this important export sector. If the situation gets worse then the empty apartments may turn places like inner-city Melbourne from vibrant communities to danger areas at night.
hat-tip Stephen Neil