Payrolls data confirms just how well (relatively) QLD has been doing

The latest ABS release of the weekly payrolls data to 11th Sept confirms quite how well Queensland has been doing compared to the other major states as the impact of lockdowns continue to hit NSW and Victoria hard.

Over the 8 week period from 17th July the Australia payrolls index (4 week average) has fallen by 4.3 ppts; NSW is down 8.1 ppts and Victoria down by 5.4 ppts while Queensland has dipped just 0.8 ppts. Even in our own Cairns region, which has been hit by the ‘lock-out’ of the tourism sector, Payrolls are down just 1.1 ppts. Townsville has barely moved (down 0.1 ppts).

In the past fortnight Australia is down 1.0 ppts, NSW -1.0 ppts, Victoria -2.7 ppts and Queensland up 0.4 ppts. Both Cairns and Townsville are unchanged.

The impact on payrolls nationally has clearly been felt more sharply in the smaller companies (even allowing for usual caveats around revisions for small company payrolls data which the ABS have been working to improve).

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