As mentioned earlier:
Here’s a chart showing if participation rate had have remained hypothetically at a 2019 average, the unemployment rate is at 11.6%. The point is no one should so readily consider prematurely removing labour market support until this situation has been materially repaired #ausbiz pic.twitter.com/wHiwX2fAzO
— Alex Joiner (@IFM_Economist) June 18, 2020
The truth is even worse. 3.5m JobKeeper recipients are recorded as employed. The underutilisation rate, which is the only measure of unemployment ex-a few Uber hours, is 20.2%
It’s very, very ugly.