Money & Banking

Figures reveal postcodes hit hardest by COVID-19 economic fallout

Figures reveal postcodes hit hardest by COVID-19 economic fallout

New figures to be released by Treasurer Josh Frydenberg reveal the postcodes most at risk amid the COVID-19 economic fallout.

The data, seen by News Corp, has listed the postcodes claiming the most JobKeeper payments.

The Sydney (2000) CBD is the region that has claimed the financial assistance the most in the country, with 10,290 businesses receiving the $1,500 fortnightly wage subsidy for each eligible employee.

It was followed by the Melbourne (3000) CBD region – which has 6,693 businesses claiming the subsidy – and Liverpool (2170) regions with nearly 4,000.

Melbourne’s south west suburbs, Hoppers’ Crossing and Werribee also have more than 3,000 businesses on JobKeeper.

In Queensland, Cairns (4870), the Brisbane CBD (4000) and Gold Coast (4217) have the highest number of businesses on JobKeeper.

Source: Treasury / Yahoo Finance Australia

The figures come as the Organisation for Economic Cooperation and Development (OECD) advised Australia to extend JobKeeper payments to support households and businesses.

In its latest economic outlook report, the OECD said Australia’s economy could contract by 6.3 per cent this year if there is a second wave of coronavirus infections.

“Should widespread contagion resume, with a return of lockdowns, confidence would suffer and cash flow would be strained,” the report said.

“Even in the absence of a second outbreak, [gross domestic product] could fall by 5 per cent in 2020.”

After the Federal Government announced that payments to workers in childcare sector would end this month, Treasurer Josh Frydenberg said other sectors could also be removed from JobKeeper when the finding of a review is announced on July 23.

Around 3.5 million Australians have received support from the $70 billion scheme.