Australian workers lost $47bn in wages during first eight months of Covid recession, study says

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Sumary of Australian workers lost $47bn in wages during first eight months of Covid recession, study says:

  • Despite the hefty price tag, the calculation suggests that total losses have been more than offset by jobkeeper wage subsidies, which had paid out $69bn in early October, and early superannuation withdrawals totalling $35bn on Monday..
  • Despite $257bn of direct economic support and record low interest rates, the treasury secretary, Steven Kennedy, has warned that without continued stimulus the Covid-19 economic recovery could “falter”…

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