Since the start of March, job ads have collapsed by 65.3% with some industries in effect shut down.
"We expect the Australian economy to plunge into recession for the first time in almost 30 years, causing a substantial deterioration of the government's fiscal headroom at the 'AA rating level."
"We believe there could be more fiscal stimulus packages to come and that economic conditions could further deteriorate, pushing the expected recovery beyond our current expectation of late 2020," it said. Josh Frydenberg and Scott Morrison enter the House of Representatives ahead of passing the government's $130 billion JobKeeper wage subsidy package.While agreeing Australia's budget position was deteriorating, it argued the government's stimulus measure would help protect the economy.
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