While KPMG anticipate job losses will occur as a consequence of the wage subsidy programme ending, we are not expecting to see job figures ‘falling off a cliff’ next month either.
For a week, the world watched the Ever Given container ship, carrying 18,300 containers wedged in the Suez Canal. On Monday, it was freed, although the ripple effect will flow throughout the supply chain for some time.
KPMG anticipates the ending of the JobKeeper program will add to the pressure of those marginal workers and businesses that are still struggling in this coronavirus-impacted economy.
KPMG forecasts a global rise of 4.4 percent in GDP this year. But there is a big caveat. So much is dependent on the speed and success of international vaccine distribution.
Overall, we believe the unemployment rate will stay around its new level for the next few months as the economy consolidates and handles the transition out of high levels of government support to the business sector.
For nearly all family offices, the events of 2020 certainly didn’t kickstart the decade in the way they may have envisaged. In a year where the nation suffered both environmental and economic shocks, resilience was certainly put to the test.
Even with the current surge in house prices, the RBA has not changed the cash rate today – no surprise, given it has been signalling rates could stay at historically low levels until 2024.
