FinanceSBS Australia

Major Australian employers are cutting jobs. What does it mean for the economy?

Major Australian employers including Canva, Woodside, David Jones and NAB have announced thousands of job cuts in recent weeks, raising concerns about a weakening labour market.

A rate hike and a slew of company job cuts have raised questions on the labour market's strength.

The Long Sip
What happened

Several of Australia's biggest employers announced large-scale job cuts in quick succession, prompting economists to question whether the labour market is starting to crack.

The detail

Canva cut 1,200 jobs, Woodside announced at least 500 global cuts, David Jones entered voluntary administration, and NAB plans to shed 2,500 jobs by end of financial year.

What it means

Economists say the numbers are still a small fraction of total jobs in the economy, but the trend is being watched closely for its potential impact on RBA rate decisions.

For you

Economists say the cuts are still a small share of total jobs nationally, but some predict the trend could influence the RBA's next interest rate decision.

Full story at SBS Australia

What readers are saying

AuntyAmir
It is concerning to see that NAB plans to shed 2,500 jobs by October, especially when the unemployment rate has already crept up to 4.7 per cent. While some sectors are still hiring, these mass redundancies in banking and retail suggest that large institutions are prioritising cost-cutting over workforce stability during this downturn.
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