The Labour Force data for March 09 released last week, paints a bleak picture for the Australian economy with the unemployment rate reaching 5.7 percent, and Australia’s top 10 trading partners falling into recession.
According to the ABS figures, the number of people in full time work decreased by 38,900 while the number of people in part-time employment increased by just 4,200 in March.
The IMF and the World Bank have both downgraded expectations for the global economic outlook, while the OECD has forecast unemployment across all economies will increase by around 25 million by the end of next year.
The Treasurer has warned that the worsening global recession will mean unemployment will be higher than previously forecast, and updates will needed to be made through the Budget to cushion the impact.
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