The cuts to JobKeeper and JobSeeker payments in late September had an "instant and dramatic" impact on the finances of Australian households, according to an ABC report.
The data from analytics consultancy Taylor Fry show Ballarat as one of the most impacted areas in the state.
On a scale where extreme impact was rated at 6.5, Ballarat came in at between 5.5 and 6.
Total salaries fell by 5% according to the Australian Bureau of Statistics as job numbers fell by 1.6% in the two weeks following the reduction to payments.
The report says Victoria was the hardest hit by the pandemic with 286 postcodes suffering an extreme impact, with affected industries including construction, the arts and hospitality.