Cutting unemployment benefits by $50 a week will take about $5 billion out of the economy in the coming year. That’s not good news for jobs.
Australia is in for a long and damaging economic slump, unless governments inject substantially more fiscal stimulus.
Victorians in 10 postcodes across Melbourne’s north and west have been ordered back into lockdown. But regaining control of COVID-19 remains the responsibility of all Victorians.
2.7 million people either lost their jobs or lost hours of work in April. The unemployment rate doesn’t capture the scale of COVID’s effect on jobs.
The March labour force data will report on a jobs market that sadly no longer exists – the Australia before widespread spatial distancing and shutdowns of non-essential businesses.