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Unemployment rises to 22-year high as second lockdown fears stifle economic recovery

Australia has recorded the highest unemployment rate for 22 years, raising fears the “COVID-19 economic recession” will dampen prospects of an early recovery. Labour figures from the Australian Bureau of Statistics released Thursday showed Australia’s June unemployment rate rose to 7.4 per cent, a 0.3 percentage rise on the previous month. It was the highest monthly unemployment rate since November 1998 and prompted Prime Minister Scott Morrison to label the fiscal pain caused by the pandemic as Australia’s “COVID-19 economic recession”.

NEWS.com.au - July 16, 2020

View the full story here: https://www.news.com.au/finance/economy/australian-economy/unemployment-rises-as-delays-to-economic-recovery-continues/news-story/fe9dc5d51d5ca1386e5cafc800780d7f