scorecardresearch
Follow Us:
Sunday, September 27, 2020

Australia expects unemployment to peak near 10% after COVID-19 shutdowns

Australia previously saw unemployment hitting a high of 9.25% this year. But after Victoria, the country's second-most populous state, ordered a six-week lockdown around Melbourne, unemployment will peak at about 10%, Morrison said.

By: Reuters | Sydney | August 6, 2020 11:23:26 am
coronavirus news, coronavirus global update, australia coronavirus cases, australia pm scott morrison, world news, indian express Australian Prime Minister Scott Morrison. (AP)

Unemployment in Australia will peak at about 10% as a result of restrictions designed to slow the spread of the novel coronavirus, Prime Minister Scott Morrison said on Thursday.

Australia previously saw unemployment hitting a high of 9.25% this year. But after Victoria, the country’s second-most populous state, ordered a six-week lockdown around Melbourne, unemployment will peak at about 10%, Morrison said.

The figure would climb when the number of people receiving the government’s wage subsidy scheme were counted.The effective rate of unemployment was estimated to climb to more than 13% after previously expecting a high of around 11%.

“That is very troubling but it is not unexpected,” Morrison told reporters in Canberra.

“These measures will have a very significant cost, and it will impact the recovery path.”

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement