A study has revealed that 488,000 employees could be let go when JobKeeper ends on Sunday.

The study, conducted by Small Business Australia, also revealed 149,000 businesses will close indefinitely and 98,000 are expected to close permanently.

Australian Retailers Association CEO Paul Zahra told Sky News the retail industry itself has fared reasonably well with the exception of a few.

He said travel retail in particular will struggle when the wage subsidy ends this week.

“Any retailer that’s operated at an airport or a duty-free type location,” Mr Zahra told Sky News.

“All CBD locations – Sydney, Melbourne and Brisbane have all been deeply affected.

“CBDs will be hit hard and mainly small to medium sized businesses.”

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