Reserve Bank governor Philip Lowe has warned the unemployment rate will climb further this year as the coronavirus pandemic continues amid government cuts to the amount available under its $86 billion wage subsidy program.
RBA governor Philip Lowe:"The path ahead is expected to be bumpy and there are some major cross-currents in the labour market at the moment."In April and May, about 870,000 people lost employment and another 760,000 had no hours of work although they had a job, while others had their hours cut, he said. Total hours worked fell 10 per cent in a matter of weeks and the"As staggering as this fall is, it is smaller than we earlier feared," Dr Lowe said.
"This will push up the measured unemployment rate at the same time that the share of the working-age population with a job is also rising."
And we can be confident our Politicians will not change their practices in regards to prevent this from happening again.
How does he know?
I think we all just have to believe that the pandemic will end or we are all going to go a little nuts 🤪
Thank you Dr. Lowe
He is not a medic nor a scientist. It wont just vanish jobs do that
Is he a scientist?
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