Bunbury bounces back best after businesses prepare to drop JobKeeper payment

Bunbury topped the nation in January as the tourism region graduating off JobKeeper. Days ahead of the Federal Government cutting off support payments for businesses in order to return the economy to normal, new data reveals the coastal town rebounded the most in terms of weaning off payments. Bunbury had an 87 per cent reduction in those on JobKeeper, compared to an 86 per cent reduction in the Barossa in Victoria, an 85 per cent reduction in Wide Bay in Queensland and an 84 per cent reduction in the Mid North Coast in New South Wales. All industries have experienced significant falls in the number of employees covered by the JobKeeper program. Retail trade is down 83 per cent, accommodation and food services is down 69 per cent, education and training is down 68 per cent, rental, hiring and real estate services is down 71 per cent, wholesale trade is down 83 per cent and construction is down 65 per cent. In Western Australiaaround 355,000 employees received payments over the first phase of JobKeeper, compared to 66,000 in January, representing a fall of 81 per cent. In Perth around 29,300 employees received payments over the first phase, compared with 6,500 in January representing a fall of 78 per cent. In Mandurah, around 10,000 employees received payments over the first phase, compared with 1,600 in January, a fall of 84 per cent And in Bunbury, around 23,900 employees received payments over the first phase, compared with 3100 in January, a fall of 87 per cent. A total of 320,000 jobs have been created in the last three months since the first phase of JobKeeper ended in September. The Reserve Bank of Australia has predicted there will be a slight uptick to the unemployment rate once JobKeeper formally ends. It is expecting that the unemployment rate has now peaked and forecasting it to reach 6 per cent by the end of this year and around 5 and a quarter per cent by mid-2023. The official unemployment rate released last week defied economists expectations and fell to 5.8 per cent. Treasurer Josh Frydenberg said the January JobKeeper data confirmed Australia’s economic recovery was well on track. “More than 680,000 businesses employing more than 2.7 million Australians graduating off JobKeeper,” Mr Frydenberg said. “We know that some families and businesses are still doing it tough and our message is that the Morrison Government continues to have your back “Our Economic Recovery Plan will continue to support the economy through targeted support measures as well as tax cuts, business incentives and a record investment in skills and training and infrastructure.”