In his testimony to the Aussie Parliament, Treasury Secretary Steven Kennedy warned over the spike in long-term unemployment due to the jump in people who lost their jobs in March last year.
The expiry of the government-backed JobKeeper program will lead to the closure of some firms and result in job losses, signaled the diplomat while also suggesting youth employment is still 3.8% down on where it was pre-virus.
The policymaker also said, “economy has recovered 85% of the decline from COVID-induced recession.”
FX implications
Following the news, AUD/USD fades recent bounce off monthly low while taking rounds to 0.7630.
Read: AUD/USD: Consolidates heaviest drop in a month above 0.7600 even as risk-off prevails
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