Kouk: Australia headed into depression

Wednesday, 1 July 2020

I don’t agree with Kouk on much but even the stopped clock is right twice per day:

It is staggering and utterly dispiriting to see around 25 per cent of the workforce either unemployed, underemployment or having given up looking for work.

Those lucky to have a job are being subjected to pay freezes or pay cuts and many are on edge fearing their job will be the next to go.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.