Financial services report wage cuts despite job retention

ABS covid-19 coronavirus wages

22 April 2020
| By Laura Dew |
image
image
expand image

There was an 8.9% decline in total wages in the financial services and insurance sector between 28 March and 4 April, one of the highest changes across industry sectors.

According to the Australian Bureau of Statistics (ABS), total wages in that sector fell by 8.9% compared to an industry average decline of 5.1% across 18 different sectors. This was a significant decline on the previous week, the ABS said, when wages only declined by an average of 1.3%.

This put financial services and insurance in the top 20% behind accommodation and food services at 17.7%, professional, scientific and technical services at 9.7% and arts and recreation services at 9.1%. 

Between 14 March, when Australia reported its first COVID-19 case, and 4 April, there had been a 7.8% decline in total wages in financial services and insurance.

However, there had only been a 3.2% change in employee jobs during the same period, one of the lowest across the sectors.

This compared to a 25% change in accommodation and food services and 18.7% for arts and recreation services, both sectors significantly impacted by the COVID-19 lockdown restrictions which had led to closures and job losses.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

6 days 1 hour ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 5 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

5 days ago