Australia's unemployment rate is expected to soar from 5.1 percent to 10 percent in the June quarter as the coronavirus fallout hits the economy, ...
SYDNEY: Australia's unemployment rate is expected to soar from 5.1 per cent to 10 per cent in the June quarter as the coronavirus fallout hits the economy, according to Treasury figures released on Tuesday .
The spike in unemployment represents the highest jobless rate since 1994, as Australia faces the prospect of its first recession in nearly 30 years. "In the absence of the A$130 billion JobKeeper payment, treasury estimates the unemployment rate would be 5 percentage points higher and would peak at around 15 per cent," he said in a statement."More than 800,000 businesses have already registered for the JobKeeper payment which will allow the economy to recover more quickly once we are through to the other side of the crisis," he said.
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