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Treasury expects unemployment rate in Australia to reach its 26-year high at 9.25 percent by December 2020

The Australian economy is set to deteriorate before improving, as unemployment is expected to hit its highest level by Christmas 26

  • Treasury expects the unemployment rate in Australia to reach 9.25 percent in 2020
  • That misery is said to be the highest national unemployment level since September 1994

The Australian economy is expected to deteriorate before improving, while Treasury expects unemployment to rise unseen since 1994.

Melbourne’s renewed lockdowns are expected to wipe out $ 3.3 billion from the national economy in the next two months, and four-year gross domestic product will be wiped out in just three months.

Treasury now expects the unemployment rate in Australia to rise to 9.25 in late December – a level unseen since September 1994.

The unemployment rate in Australia rose to a 22-year high of 7.4 percent in June, as a record one million people were officially unemployed as many more quit looking for work.

The Australian economy is expected to shrink by seven percent in the June quarter alone, wiping out the equivalent of four years of economic activity as part of the sharpest downturn since the Great Depression of the 1930s.

The Australian economy is expected to deteriorate before improving. The Treasury expects unemployment to rise unseen since 1994. Depicted is treasurer Josh Frydenberg

The Australian economy is expected to deteriorate before improving. The Treasury expects unemployment to rise unseen since 1994. Depicted is treasurer Josh Frydenberg

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