Business
Why Australia can bounce back better this time – The Australian Financial Review
This downturn may be deeper than past recessions but the recovery should be quicker as the government takes on lessons from the past.
Reserve Bank of Australia governor Philip Lowe said this week the economy has “turned the corner” and unemployment is now expected to peak at between 7 and 8 per cent late this year, well short of the dire double-digit jobless rate predicted earlier.
The current jobless rate of 7 per cent artificially suppressed by the pivotal $100 billion JobKeeper program for people technically employed but not working much is near its peak.
Prime Minister Scott Morrison said on Thursday that 2 million people…
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