Job losses and stagnant wage growth as cost of living rises during pandemic

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Australia’s major banks are projecting up to 300,000 Sydney jobs will be lost as a result of the protracted lockdown which will run until at least the end of August.

It comes as prices for staples such as fruit, vegetables and petrol rise at double the rate of wages growth.

The Commonwealth Bank has predicted as many as one in 10 people in greater Sydney will become unemployed while ANZ now expects earlier forecasts of tens of thousands of job losses to be exceeded.

Annual inflation has risen to 3.8 per cent according to data from the Australian Bureau of Statistics.

Today on Please Explain, economics correspondent Jennifer Duke joins Nathanael Cooper to discuss what this grim outlook means for our lives.

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