The Federal Treasury expects the coronavirus pandemic to push 1.4 million out of work in the second quarter and boost the jobless rate to 10 percent, according to Australian Associated Press.
“Unemployment at that rate – hundreds of thousands of people losing their jobs – it is just absolutely heartbreaking,” Prime Minister Scott Morrison said on Tuesday.
Key points (Source: Reuters)
The jobless rate could have tripled to 15% were it not for the government’s $130 billion wage subsidy scheme, according to Treasury’s estimates.
More than 800,000 Australian businesses have registered for the JobKeeper program that passed parliament last week.
More than 700,000 Australians are expected to lose their jobs before the middle of this year because of the coronavirus pandemic.
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