If we look at it from a professional point of view, we have been able to witness historical events such as the global ﬁnancial crisis and the great lockdown. However, the current situation is far from comfortable. The Russian attack on Ukraine developed into a devastating war and a new shock to our economies even before the ﬁght against the pandemic had ended.
In addition, the lockdowns have directly affected construction activity in NSW and delayed some investment plans. Some increase in the unemployment rate is also expected over the months ahead, although most of the adjustment in the labour market is likely to be through declines in hours worked and participation, rather than in job losses.