Business
Australian economic update: can we believe Treasury’s ‘glass half-full’ outlook? – The Guardian
The economy was sputtering before the pandemic hit and Covid-19 has delivered a body blow
The May budget was cancelled, so weve had to wait for revised forecasts mapping the impact of Covid-19 on the budget and the economy. The Treasury produced new numbers on Thursday. What did we learn?
At a glance
Lets start with the outlook for jobs. Almost a million Australians are jobless now, with the unemployment rate at 7.4%. Its going to get worse. The Treasury says unemployment will be over 9% by Christmas, and it will take time to trend back down. The jobless rate is expected to gradual…
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