Financial services report wage cuts despite job retention
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.
AUTHOR
Laura Dew
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
