Post-Covid Australian job cuts accelerate as unemployment hits 4.7%
Canva, Woodside Energy, David Jones and NAB are cutting thousands of jobs amid recession fears.
Canva is cutting or relocating more than 1,200 staff, 22% of its workforce, in its first restructuring in 13 years. Woodside Energy announced at least 500 job cuts globally, with 80% of its workforce based in Australia.
David Jones entered voluntary administration the same day. NAB plans to cut 2,500 jobs by the end of the financial year.
Australia's unemployment rate hit 4.7% in September, the highest since October 2021. Almost 40,000 people lost work that month.
Economists say the resilient job market may be starting to crack, with more losses likely as interest rates stay high and artificial intelligence displaces workers.
- 2,500 by end of financial year
- NAB job cuts
- 4.7%, highest since October 2021
- September unemployment rate
- Almost 40,000
- Jobs lost in September
Why it mattersThousands of Australians face redundancy; higher unemployment means less tax revenue and more welfare spending for government.
AustraliaAustralian households are feeling the squeeze from job losses, higher mortgage payments and cost-of-living pressure, raising recession fears.
✓ Claims checked against the source. checked 15 h ago
