Treasurer Josh Frydenberg says the nation's unemployment rate would be much higher were it not for the government's new JobKeeper package. 9News
"A trillion dollars, that is a thousand by a thousand by a million dollars," he wrote.
"You must repay or enter the books of others as a bad debt. If you print money then you get to a point you can wipe your bottom with it."
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Unemployment forecast to soar to highest rate in almost 30 yearsNew Treasury figures forecast the jobless rate will double in the June quarter from 5.1 per cent to 10 per cent, all but confirming Australia will enter a recession as it deals with the COVID-19 pandemic.
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Push for National Cabinet to remain after virus | Sky News AustraliaAustralia could be heading for its highest unemployment rate in 26 years due to the coronavirus pandemic, according to the latest Treasury modelling. \n\nThe unemployment rate is expected to jump to 10 per cent but the government said its $130 billion JobKeeper scheme kept more than six million Australians - or half of the Australian workforce - connected to their employers. \n\nWithout the subsidy, the government said the unemployment rate could have been as high as 15 per cent. \n\nMeanwhile, the National Cabinet - formed to coordinate the response to COVID-19 - could remain after the crisis is dealt with, in place of the current Council of Australian Governments body, which many said was largely ineffective. \n\nWestern Australian Premier Mark McGowan has spearheaded the effort, asking state and territory leaders whether they'd like the cabinet to remain. \n\nPrime Minister Scott Morrison declined to weigh-in, saying he wanted to keep the focus on dealing with the current crisis. \n\nImage: News Corp Australia
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Warning jobless rate will hit 1.4 millionThe jobless rate is expected to hit 1.4 million by June after businesses closed and workers were pushed out of jobs due to the coronavirus.
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