Treasury has released its latest modelling predicting that Australia’s unemployment rate could hit 10 per cent in the June quarter from 5.1 per cent in the most recent data. This is given the coronavirus economic response packages taken by the Government, particularly the $130 billion JobKeeper wage subsidy scheme.

In the absence of the JobKeeper scheme, Treasury estimates the unemployment rate would be 5 percentage points higher and would peak at around 15 per cent.

Since the scheme was introduced, more than 800,000 businesses have already registered.



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