'The size of the shock that is coming down the pipe to the economy from COVID19 is pretty unprecedented'. 9News
, a startling figure of 10 per cent but lower than some had first feared.
But Mr Coates said early research by his team at Grattan Institute indicated 20 to 25 per cent of jobs were disappearing.By definition, unemployment rates are calculated on people actively looking for work.Anyone eligible for JobKeeper will not report as unemployed."The JobKeeper package will actually obscure a lot of people who are otherwise unemployed," Mr Coates said.
It is unknown how many businesses will have gone bust and won't reopen once social restrictions are eased, leaving a bubble of former workers effectively unemployed.
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