Full story: https://grafa.com/insights/job-cuts-ramping-up-at-asx-listed-companies-256236
A perfect storm of economic challenges is battering Australian businesses with thousands of jobs slashed in recent weeks.
From the resource-rich west to the media-centric east, companies are tightening their belts amid slowing growth and rising costs.
Leading the charge of layoffs is the mining sector.
The world’s largest lithium producer, Albemarle (NYSE:ALB) this week cut 300 Australian jobs.
Perth-based engineering and construction firm, Monadelphous (ASX:MND) was also left reeling with Abermarle’s $200 million Kemerton processing facility expansion put on ice.
Fortescue (ASX:FMG), the iron ore giant, is shedding 700 jobs as it restructures operations.
BHP (ASX:BHP) has suspended nickel production in Western Australia, impacting 1,600 workers.
Meanwhile, Mineral Resources (ASX:MIN) is closing its iron ore operations in the Goldfields, resulting in the loss of 1,000 jobs.
But the pain is not confined to resources.
Telstra (ASX:TLS), Australia’s telecommunications behemoth, is undergoing a dramatic overhaul.
The company plans to cut 2,800 jobs as it embraces artificial intelligence to streamline operations.
“We are now using AI to improve half of our key processes, including to automatically detect and resolve fixed services faults and to solve customer issues faster, ” said Telstra CEO Vicky Brady.
“For example, in the half (year), we piloted new AI applications including ‘Ask Telstra’ — an open AI-based solution with Microsoft to help our frontline teams find the information they need for better and more quickly serving our customers.”
The media sector is also suffering.
Seven West Media (ASX:SWM) is axing 150 jobs, while Newscorp (ASX:NWS) and Nine (ASX:NEC) have announced similar cuts.
Even governments are feeling the pinch.
The NSW Government is slashing 25% of its Service NSW workforce as part of a wider public sector overhaul.
These job cuts underscore the deepening economic challenges facing Australia.
As the situation evolves, more companies are likely to follow suit, leading to a potential surge in unemployment.
