Victoria lockdown to push Australia unemployment to 10% and cost national economy up to $12bn

The lockdown in Victoria will likely push unemployment in Australia to 10% by the end of the year, and will cost the national economy between $10bn and $12bn, according to new Treasury forecasts.

Scott Morrison revealed the new estimates at a press conference on Thursday and flagged the government was continuing to look at the jobkeeper wages subsidy in the light of the deteriorating outlook.

Read more: https://www.theguardian.com/australia-news/2020/aug/06/victoria-lockdown-to-push-australia-unemployment-to-10-and-cost-national-economy-up-to-12bn