Layoffs surge across Australia amid economic downturn
SYDNEY, AUSTRALIA — A surge of job reductions is currently impacting corporate Australia amid economic decline.
This year, nearly 23,000 workers have been affected by reported redundancy rounds across diverse industries like banking, technology, retail, and mining.
The big four Australian banks— Commonwealth Bank, Westpac, ANZ, and NAB— already trimmed down 2,000 jobs in total in 2023. Westpac recently laid off 300 staff, while Commonwealth Bank is cutting 200 jobs.
Major tech companies like Atlassian, Amazon, Meta, and Microsoft have also conducted local redundancies.
Meanwhile, the embattled Star Entertainment Group announced 500 job cuts this week, and Australia Post is eliminating 400 roles.
Mining giants BHP, Rio Tinto and Fortescue Metals have similarly downsized.
Experts say the layoffs reflect deteriorating business conditions amid rising interest rates, high inflation, and fears of a global recession. Tighter profit margins are forcing companies to cut costs.
The job losses have been felt across white-collar and blue-collar roles, devastating for impacted staff. However, Australia’s unemployment rate remains near 50-year lows at 3.7%, and skilled professionals are still in high demand.
Unions have urged transparency from employers making redundancies, criticizing the use of “stealth layoffs” under the guise of performance management. They say companies must ensure fair consultation and severance for affected staff.
