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Unemployment to soar as economy suffers deep recession – Brisbane Times
Up to 240,000 more people are likely to be unemployed by Christmas as a budget update forecasts the deepest recession since the 1930s.
Treasury believes the jobless rate will start to “gradually” fall from early 2021 and still be around 8.75 per cent by the middle of next year. It notes that unemployment took seven years after the last recession to fall by more than 4 percentage points.
“There may be longer-term impacts on the labour market if some workers who have been dislocated, especially those in more vulnerable cohorts, lose skills or need to re-skill to enter employment in a different occupation or industry,” it noted.
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