Comparison to other sources
The data presented in this release is broadly consistent with other data published by the ABS, and by other local and international sources.
The ABS Weekly Payroll Jobs and Wages publication reported that between the week ending 14 March 2020 and the week ending 22 August 2020 the number of payroll jobs decreased by 4.2%.
Between March and May 2020 ABS Labour Force statistics showed the number of employed people (seasonally adjusted) decreased by 871,500, before staging some degree of recovery with an increase of 458,000 employed people (seasonally adjusted) between May and August 2020.
Data published by the Australian Security and Investment Commission (ASIC) shows that new company registrations in the first six months of 2020 were 2.7% lower than the first six months of 2019. The decrease in registrations was greatest in April and May 2020, which were 20% and 14% lower respectively compared to the same month in 2019. Compared to the same month in 2019, companies entering external administration for the first time increased 6% in February 2020, but from March 2020 has continued to decrease by larger rates, with June 2020 dropping 51%. Similarly, in the first six months of 2020, 41,656 companies lodged to voluntarily de-register, compared with 47,434 companies in the first six months of 2019.
Experimental quarterly business statistics released by the UK Office for National Statistics also showed a slight decrease in the number of business creations and closures (equal to the ABS births and cancellations) during the second quarter of 2020. Similarly, Statistics Netherlands reported no substantial change in the number of bankruptcies in the first six months of 2020 compared to the same period in 2019.