The jobs figures report due to be released on Thursday is expected to show a rise in the unemployment rate from 5.1 per cent in February to 5.5 per cent during March, with the possibility of a greater increase.
Mr Cullen told Sky News “we saw Treasury figures out yesterday which suggest that with the JobKeeper package in place we could see unemployment rising to 10 per cent" "And of course the IMF is suggesting that unemployment could continue to rise in Australia over the next few years," he said. Mr Cullen said one of the most concerning areas was the group of casual workers who were not included in the government's JobKeeper package.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia to experience 'its worst recession in history' | Sky News AustraliaSky News host Peta Credlin says Australia may experience “it’s worst recession in history” due to the coronavirus pandemic. \n\nThe Prime Minister Scott Morrison has announced any relaxation of social distancing measures will likely be many weeks away despite reports indicating a reduction in new coronavirus cases. \n\nHowever, these positive reports regarding virus control have coincided with a Treasury release forecasting unemployment to rise to 10 per cent.\n\nMs Credlin said while a 10 percent unemployment rate is “terrible” news, it is far better than predictions released prior to the JobKeeper program. \n\n'There’s been an inordinate amount of money spent to get us to the position of 10 percent unemployment,' she told Sky News host Peter Gleeson. \n\n“Labor left $96 billion dollars of debt which took John Howard 10 years to pay off” and the current government has outlaid 300 billion in a couple of weeks. \n\nThe economic consequences are “going to be much deeper than people understand and much darker because our economy is so different,' she said. \n\n“We are not a manufacturing nation anymore and we don’t have cheap energy”. \n\n\nImage: Associated Press Wow such insight Part of China’s grand plan - economic domination Due to massive debt bubbles + the CCP purposefully putting us on the Wuhan express
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Virgin Australia facing collapse over $5 billion debt | Sky News AustraliaVirgin Australia is threatening to enter voluntary administration in order to save itself from total collapse as it struggles with a $5 billion debt. \n\nThe airline entered a trading halt on Tuesday for the second time this month. \n\nImage: Getty Do it. Then our government van buy it and we get a competitive industry. 5 billion of debt , shows poor management lack of insight and expectation of govt bail out . It's a no. From the taxpayer They should sue China or ask their Chinese owners to Pony up! Virgins survival should not be up to Australian taxpayers
Source: SkyNewsAust - 🏆 7. / 78 Read more »