Major Australian employers are cutting jobs. What does it mean for the economy?
News Source
โขSun, 8 Nov 2026 18:29:02 +0000
๐ฐ What Happened
Several of Australia's biggest employers have announced major job cuts in recent weeks. Canva will cut or move more than 1,200 jobs, about 22 per cent of its staff. Woodside Energy is cutting at least 500 jobs worldwide. Retailer David Jones has gone into voluntary administration, and NAB plans to cut 2,500 jobs by the end of the financial year.
The cuts come as Australia's unemployment rate rose to 4.7 per cent in September, the highest since October 2021. Almost 40,000 people lost jobs that month, and 732,000 were out of work across the country. Economists say the job market is still strong but less able to absorb shocks.
๐ The Backstory
Each company is under different pressure. Canva's boss said new technology is changing what people can create, without naming AI. David Jones has struggled for years as shoppers moved online. NAB blamed weak conditions, competition and the need to simplify its business.
Economists point out that job losses get headlines, but thousands of jobs are created every day too. Small business is a big part of that. Still, fewer workers means less tax revenue and more spent on income support, which puts the budget under strain.
๐ฏ Why It Matters
If you or someone you know works in tech, retail or banking, these cuts could hit close to home. They also affect interest rates, which decide what you pay on a mortgage.
Several of Australia's biggest employers have announced major job cuts in recent weeks. Canva will cut or move more than 1,200 jobs, about 22 per cent of its staff. Woodside Energy is cutting at least 500 jobs worldwide. Retailer David Jones has gone into voluntary administration, and NAB plans to cut 2,500 jobs by the end of the financial year.
The cuts come as Australia's unemployment rate rose to 4.7 per cent in September, the highest since October 2021. Almost 40,000 people lost jobs that month, and 732,000 were out of work across the country. Economists say the job market is still strong but less able to absorb shocks.
Each company is under different pressure. Canva's boss said new technology is changing what people can create, without naming AI. David Jones has struggled for years as shoppers moved online. NAB blamed weak conditions, competition and the need to simplify its business.
Economists point out that job losses get headlines, but thousands of jobs are created every day too. Small business is a big part of that. Still, fewer workers means less tax revenue and more spent on income support, which puts the budget under strain.
If you or someone you know works in tech, retail or banking, these cuts could hit close to home. They also affect interest rates, which decide what you pay on a mortgage.