How to stop the recession before it starts?
The recession has hit hard on the mining and construction sectors, but now it is also hitting the financial sector, which is set to shed more than 1.6 million jobs over the next six years.
The industry is expected to shed $8.4 billion in jobs by 2024, with the bulk of those being in the mining industry.
There will also be a $1.3 billion loss in the financial services sector over the same period, according to the Australian Council of Social Service (ACOSS).
“The impact of the financial crisis will be felt across the economy, including in sectors such as banking, insurance, real estate, realty, and construction,” the ACOSS said in a statement.
The financial sector was also hit hard by the loss of jobs.
There were 2.9 million job losses from the start of the downturn in the year to June 30, 2018, with nearly 3 million in the construction sector, the ACSS said.
The ACSS added that the financial industry was the biggest source of job losses, with 1.5 million jobs lost in the banking, retail and hospitality sectors, and 1.1 million in construction.
The loss of mining jobs has been the biggest blow to the mining sector, with construction companies losing nearly 675,000 jobs over that period.
Construction sector workers have seen a significant loss in their wages and benefits over the past 12 months, with total wages down more than $2,500 since June 30.
But it is not just the construction industry that is facing the economic shock.
“There will be more jobs lost to the financial system than the mining or construction industries,” ACOSS CEO David Clark said.
“The economic shock will be concentrated among the biggest losers in the sector, as this will be the largest sector that has seen the most job losses.”
The recession hit the mining economy hard and has left many unemployed, and there has been a lot of pressure on the financial institutions.
“We have been seeing a lot more bank losses in the past couple of years,” Mr Clark said in an interview with the ABC.
“That has been going up, and we think that is going to continue for a while.”
The financial services industry was hit the hardest in the downturn, losing 1.2 million jobs.
But the biggest hit has been to the banking industry, with more than 735,000 job losses.
“A lot of the people that are affected by the financial downturn have jobs in banking,” Mr Clarke said.
“[But] they are not getting jobs because of the cost of credit and it is really difficult to attract those people back into the banking system.”
“People are looking at the financials, and the credit and the savings they are getting through that,” Mr Moore said.