Economic hit outpaces Great Depression

Original article by Matthew Cranston, Tom McIlroy
The Australian Financial Review – Page: 8 : 29-Apr-20

Treasury officials have told a parliamentary inquiry that Virgin Australia is not the only company that has sought government assistance due to the coronavirus pandemic. Treasury Secretary Steven Kennedy has warned that some businesses will not recover from the crisis. He also said the expected rapid rise in Australia’s unemployment rate will be unprecedented. The jobless rate is forecast to reach 10 per cent in June; Kennedy noted that while unemployment rose much higher during the Great Depression, it did so over several years.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH

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