Financial services report wage cuts despite job retention
There was an 8.9% decline in total wages in the financial services and insurance sector between 28 March and 4 April, one of the highest changes across industry sectors.
According to the Australian Bureau of Statistics (ABS), total wages in that sector fell by 8.9% compared to an industry average decline of 5.1% across 18 different sectors. This was a significant decline on the previous week, the ABS said, when wages only declined by an average of 1.3%.
This put financial services and insurance in the top 20% behind accommodation and food services at 17.7%, professional, scientific and technical services at 9.7% and arts and recreation services at 9.1%.
Between 14 March, when Australia reported its first COVID-19 case, and 4 April, there had been a 7.8% decline in total wages in financial services and insurance.
However, there had only been a 3.2% change in employee jobs during the same period, one of the lowest across the sectors.
This compared to a 25% change in accommodation and food services and 18.7% for arts and recreation services, both sectors significantly impacted by the COVID-19 lockdown restrictions which had led to closures and job losses.
AUTHOR
Laura Dew
Recommended for you
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
