Australia Treasury Sees Unemployment Soaring to 10% This Quarter

Australia’s jobless rate will almost double this quarter, the nation’s Treasury estimated, as the shutdown of large swathes of the services industry upends the labor market, Bloomberg News reported. Unemployment will soar to 10% in the three months through June, from 5.1% in February, Treasurer Josh Frydenberg said Tuesday, citing department forecasts. Without the government’s subsidy to keep workers attached to their employers, it would reach about 15%, he said. “The economic shock facing the global economy from the coronavirus is far more significant than what was seen during the global financial crisis,” he said in a statement. “Businesses across a range of industries have had to close their doors and others have seen a significant drop in activity as countries, including Australia, exercise social distancing measures to contain the spread of the virus.” Read more