Australia likely to experience largest economic downturn since the Great Depression
Australia is likely to experience the greatest economic contraction since the Great Depression, according to the Reserve Bank of Australia, and has already lost 800,000 jobs and suffered a 6.7% reduction in take home pay, according to the Australian Bureau of Statistics.
On Tuesday the RBA provided an economic update predicting a 10% decline in national output in the first half of 2020, a “staggeringly large” 20% reduction in hours worked and unemployment to hit 10% by June.
Figures from the ABS measuring the economic contraction in just the first three weeks of restrictions to prevent the spread of coronavirus found a 6% decline in jobs, with people under 20 suffering most from job losses and wage cuts.
Read more: https://www.theguardian.com/australia-news/2020/apr/21/about-800000-australians-lost-their-job-in-the-first-three-weeks-of-coronavirus-restrictions
On Tuesday the RBA provided an economic update predicting a 10% decline in national output in the first half of 2020, a “staggeringly large” 20% reduction in hours worked and unemployment to hit 10% by June.
Figures from the ABS measuring the economic contraction in just the first three weeks of restrictions to prevent the spread of coronavirus found a 6% decline in jobs, with people under 20 suffering most from job losses and wage cuts.
Read more: https://www.theguardian.com/australia-news/2020/apr/21/about-800000-australians-lost-their-job-in-the-first-three-weeks-of-coronavirus-restrictions
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