Australia is expecting its highest unemployment rate in 26 years due to coronavirus. 9News
The grave forecast is almost twice the level of 5.1 per cent recorded in February before the coronavirus began to shut down the economy.Treasurer Josh Frydenberg confirmed last night the 10 per cent rate was expected.
He says the $130bn jobkeeper scheme passed by parliament last week to subsidise the wages of staff kept in employment is softening the impact of the virus.$130 billion jobkeeper payments , Treasury estimates the unemployment rate would be five percentage points higher and would peak at around 15 per cent," Frydenberg said .
"More than 800,000 businesses have already registered for jobkeeper payment, which will allow the economy to recover more quickly once we are through to the other side of the crisis."
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