As per ABS data, Australia’s unemployment rate soared to a steep 6.2% in April from 5.2% in the previous month in seasonally adjusted terms. About 5,94,000 Australians lost their jobs in April which is single largest month decline in the number of people holding a job since September 1994.
- The participation rate dropped sharply by 2.4% to 63.5%
- Hours worked dropped around 9.2% between March and April
- Underemployment rate stood at 13.7% from 4.9% in last month
The Treasurer John Frydenberg stated that the unemployment rate would have been even higher without the Federal Government’s JobKeeper program whereas Prime Minister Morrison stated that more economic pain is yet to come in the near-term. The Treasurer confirmed that the 3-step plan to reopen the economy will help people to get back to work.