Travel agency group Flight Centre will stand down nearly one-third of its global workforce.
About 6,000 sales and support roles will be cut until the market rebounds, although some will be cut permanently.
It affects about 3,800 Australian employees.
FLT says current total transaction value is at just 20-30% of normal levels this month.
"We have been forced to make extremely difficult decisions, including temporarily standing down some of our people and cancelling our interim dividend, with a view to preserving more jobs for the future," says Flight Centre managing director Graham Turner.
"Changes to these plans are likely if market conditions deteriorate further, if restrictions are in place for an extended period or if demand rebounds more rapidly than currently expected."
Flight Centre has been in discussions with other companies and the government to help secure short-term temporary roles for affected workers.
"These people that we are temporarily standing down are a valuable part of our company and, where possible, we aim to bring them back to work as soon as restrictions are lifted," the company said.
