An open letter, signed by more than 200 economists, urges the Federal Government not to squander the success it has had in slowing the spread of COVID-19 by easing restrictions too early.
The Grattan Institute think tank has also warned, in a new report, that between 1.9 million and 3.4 million people could be out of work in coming weeks — with the unemployment rate potentially hitting 15 per cent — as a consequence of the COVID-19 shutdown.
"The longer the downturn goes, and the worse it gets, the less likely the labour market can spring back afterwards." "We cannot have a functioning economy unless we first comprehensively address the public health crisis. "We recognise that the measures taken to date have come at a cost to economic activity and jobs, but believe these are far outweighed by the lives saved and the avoided economic damage due to an unmitigated contagion.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
100,000 people ignore lockdown to attend Bangladesh funeralAs the number of coronavirus infections around the world nears 2.4 million, worrying images have emerged from a new virus hotspot.
Read more »
'Let us work': US protesters demand end to coronavirus lockdownsHundreds of people have protested in cities across America against coronavirus lockdowns - with encouragement from President Donald Trump - as resentment grows against the crippling economic cost of confinement.
Read more »
Coles staff say switch to non-alcohol hand sanitiser puts them at riskWorkers say the supermarket giant is not providing them with the best possible protection against coronavirus.
Read more »
British government not considering lifting coronavirus lockdown amidst 'deeply worrying' increases in death tollThe UK is not thinking of easing coronavirus lockdown measures yet, British minister Michael Gove says, as the latest data show 15,464 people have died.
Read more »
Islamic leaders urge Muslims worldwide to pray at home during Ramadan amid coronavirus pandemicSaudi Arabia's top religious authority has urged Muslims to obey lockdown restrictions and pray at home during Ramadan to stop the spread of the coronavirus.
Read more »
Spain's coronavirus deaths surpass 20,000 as lockdown extendedSpain's Prime Minister Pedro Sanchez has moved to extend the country's lockdown a further two weeks as the coronavirus death toll rose above 20,000.
Read more »