Warrnambool-based employment agency WDEA Works this week revealed it had more people out of work on its books than the global financial crisis between 2007 and 2009.

The COVID-19 pandemic is causing far greater economic pain than the GFC.

WDEA Works has added 10 new staff, anticipating even more people to be out of work in coming weeks and months. The alarm bells should be ringing.

The federal government has committed to extending JobKeeper payments until March 28 next year. But what happens then?

The building industry - a barometer of economic fortunes - this week called for the government to extend stimulus measures aimed at boosting the sector.

Master Builders Australia says the industry has more people on JobKeeper than any other. It wants the federal government to extend the HomeBuilder grants program for another 12 months and come up with an initiative to help the commercial sector too.

"Despite the undeniable success of HomeBuilder so far, we have downgraded our forecast for the housing sector by 25 per cent for 2020/21 so that we are now predicting a 27 per cent fall in homebuilding activity compared to 2019/20," Denita Wawn, CEO of Master Builders Australia said.

She said its modelling, based on the government's estimate HomeBuilder would cost $680 million, showed a one-year extension, or HomeBuilder Mark II, would need a $1.3 billion investment. But she said it would boost GDP up to $4.5 billion, create more than 4500 new jobs and 6000 new homes, on top of those created in HomeBuilder Mark I.

Locally, builders say they are busy and the short-term looks healthy but it's next year they are worried about. The region's housing market is strong and supply isn't keeping pace with demand. Our homeless rate is increasing too with new data revealing 400 people across Wannon are without a place to stay. It makes sense for the federal government to stimulate the building industry beyond the next six months. But how do we pay for it?