Layoffs begin in Australia amid Coronavirus Lockdown

Layoffs begin in Australia in various sectors – The coronavirus outbreak has virtually shut down the businesses in Australia and New Zealand. The lockdown has forced companies to throw out their strategic growth plans and resulting in thousands of job loss, layoffs or staff suspensions.

Listed companies in both the countries have already laid off or began considering laying off more than 100,000 people, temporarily or permanently. Ultimately, economists forecast the crisis will more than double unemployment to more than 11%, the highest in three decades.

Sectors in Australia whhere layoff begins

AIRLINES

Qantas Airways to place 20,000 workers on leave until at least the end of May.

Virgin Australia to stand down 8,000 employees until the end of May.

Air New Zealand to lay off nearly a third of its employees, about 3,500, in the coming months, and said that was a “conservative” assumption.

CASINOS

Star Entertainment Group says 90% of its workforce, or 9,000 people, will be placed on leave due to mandated casino closures.

Crown Resorts Ltd stood down about 95% or more than 11,500 of its employees on a full or temporary basis as gaming and other non-essential services at its resorts in Melbourne and Perth were suspended.

SkyCity Entertainment Group has laid off or furloughed at least 1,100 of its staff across Australia and New Zealand.

RETAIL

Department store operator Myer Holdings will temporarily lay off 10,000 of its staff without pay.

Kathmandu Holdings Ltd, the outdoor apparel retailer that owns Rip Curl, said most of its global stores were closed and almost all its staff in Australia will be stood down for four weeks without pay. It has around 4,000 employees globally.

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