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Financial News: Australia's Treasurer Says Unemployment To Rise Amid Econo

Australia's Treasurer Says Unemployment To Rise Amid Economic Challenges

07/13/2020 - 01:42:00 (RTTNews)

(RTTNews) - Australia's unemployment rate is expected to rise amid the economic challenges, Treasurer Josh Frydenberg said Monday.

The effective unemployment rate is about 13.3 percent, while the current official rate is 7.1 percent, he told reporters. "That is a large number of people reflecting the economic challenges that we see right now."

"We have seen a big reduction in hours worked in the months since the Covid pandemic first hit in Australia," Frydenberg said.

The Australian Bureau of Statistics is scheduled to release the unemployment data on July 16.

In a media release, Frydenberg said "The Morrison Government is helping to keep businesses in business and Australians in jobs with $259 billion or 13.3 percent of GDP in total economic support."

"The second $750 economic support payment will inject $3.8 billion into the economy and provide an economic lifeline to millions of Australians at a time when they need it most," he added.

He is set to unveil the economic and fiscal update on July 23.

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