Deloitte cuts 700 jobs in Australia as coronavirus takes its toll on professional services

A second wave of job losses, this time among professionals, is hitting the Australian economy as professional services firms, law firms, advertising agencies and universities adjust to the squeeze on their revenues due to the Covid-induced downturn. “From the beginning of the Covid-19 crisis two of our important principles have been to preserve as many jobs as possible while also protecting the long-term sustainability of the firm,” Deutsche said. In April the firm announced a short-term reduction in annualised pay of 8% for the majority of staff. The advertising industry was hit early but is bracing for worse to come as clients review marketing budgets for the next financial year. Many firms both locally and overseas have been furloughing staff and instituting pay cuts. Total time spent on online news sites is returning to normal levels after a huge uplift recorded in March 2020 during the Covid-19 lockdown but is still up nearly 20% on pre-lockdown figures.