Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 10-Jun-20
Treasury secretary Steven Kennedy has told a Senate inquiry that Australia’s unemployment rate is now likely to peak at around eight per cent as the economy begins to re-open and coronavirus lockdown restrictions are eased. The Treasury had previously forecast that the impact of the pandemic would cause the jobless rate to reach 10 per cent by June. Australia’s official unemployment rate is currently 6.2 per cent. Kennedy also said the impact of the pandemic on GDP growth will also not be as severe as initially forecast.
AUSTRALIA. DEPT OF THE TREASURY