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
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
