Proactive redundancy strategies and the RBA economic forecast

In its August Statement on Monetary Policy, the Reserve Bank of Australia reported that the COVID-19 pandemic represents the largest shock to the global economy in many decades and that labour markets have been severely disrupted. In light of this statement, employers should start planning their redundancy strategies.

According to the statement:

• more than 850,000 jobs were lost in April and May and increased by around 200,000 in June;
• the number of job losses to date and the increase in unemployment would have been much greater if it wasn't for the JobKeeper scheme; and
• unemployment is now predicted to reach 10% by the end of the year and still be at 8.5% in December next year.