The Federal Government’s Mid-Year Economic Forecast reveals the massive human cost of the financial crisis, with another 105,000 workers expected to be jobless, as unemployment rises to 6.75 percent over the next eight months, says unions.
According to ACTU president Sharan Burrow, the downward revision of the Treasury’s unemployment forecasts is welcome but shows Australian workers are paying a terrible price for the irresponsible business practices, which led to the global financial crisis.
“There are already 160,000 Australians out of work as a result of the GFC. Today’s forecasts means there will be an estimated total of 265,000 Australian victims who will become its victims before the middle of next year when unemployment is expected to peak,” she said.
Burrows has called on the government to provide more assistance to jobless workers.
“More assistance from both employers and government is needed to cover the incomes of Australian workers when they are made jobless and to provide them with training and help finding a new job.
“Workers who lose their jobs in a downturn should not be thrown on the unemployment scrapheap. They need income support to tide them over, training to improve their skills and help finding a new job,” she said.
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