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Treasury Secretary Steven Kennedy yesterday fronted a Senate inquiry into the government’s response to the COVID-19 crisis, whereby he forecast that Australia’s unemployment rate would be only 8% by September:
“We have been steadily revising down our expectations of the hit to the economy”…
“I think the unemployment rate won’t go as high as previously thought,” Dr Kennedy said. “I think unemployment rate by September will likely be in the order of 8 per cent”…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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