Australia’s deep recession, sparked by coronavirus and lockdowns, could last for years, experts warn, amid the worst jobs data in 22 years.
The grim findings underline the long term impact of today’s jobs figures which are expected to deliver the worst result in 22 years.
“The labour market outlook is very worrying. Without more fiscal stimulus, unemployment would rise to – and possibly remain at – an unacceptably high level, with damaging long-term consequences.”The OECD warned that “localised lockdowns, border closures and new restrictions being imposed in some countries to tackle renewed virus outbreaks are likely to have contributed to the recent moderation of the recovery in some countries, such as Australia.
“During the deepest recession in almost a century and an escalating jobs crisis, it makes no sense for the Morrison Government to be withdrawing support without a comprehensive jobs plan to replace it,’’ he said.
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