More than half a million Australians lost their job in just one month according to the latest official figures. Seasonally adjusted employment fell by 594,300 people between March and April, according to the Australian Bureau of Statistics. That equates to around 19,810 jobs lost each day during that period. Unemployment increased by 104,500 people to 823,300, and the unemployment rate increased by 1 percentage point from 5.2 percent to 6.2 percent.
The Australian share market plunged at the open of trade after the United States’ financial boss warned of a long and painful economic downturn as a result of the coronavirus pandemic. The ASX plummeted 1.4 percent lower in the first 15 minutes of trade, following Wall Street deep into the red as Federal Reserve Chair Jerome Powell provided his bleak outlook.
ASX-listed agribusiness heavyweight GrainCorp has delivered a $388 million statutory net profit, lifted substantially by the $333 million sales of its bulk liquid terminals business.