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Economists at Standard Chartered Bank believe the true health of the Australian labour market is significantly worse than the rise in the headline unemployment rate indicates. 

Key quotes

“Despite the loss of 594,300 jobs in April, the unemployment rate rose only marginally to 6.2%, aided by a significant drop in the participation rate to 63.5% from 66% in March.” 

“We estimate that the true unemployment rate was close to 18.8%.” 

“We expect the unemployment rate to peak at c.12% in June.”