According to The AFR’s economics correspondent, Matthew Cranston, Australia’s unemployment rate could hit a record high 13.8%, despite economic stimulus, if companies that operate in sectors like construction, retail, hospitality, recreation and education shed just 25% of their workforce, or about 1.2 million people:
In the construction sector, there are 1.2 million workers and businesses are already having to lay off workers…927,000 people work in the accommodation and food-service industry, in which major cuts are expected. Accommodation Association of Australia expects 70,000 direct jobs to be cut, while in food services the number is yet to be quantified…
In the retail trade, there are currently 1.3 million employees; the arts and recreational services industry employs 255,000, and education and training about 1.1 million…
