The Australian Chamber of Commerce and Industry has predicted that unemployment will reach 9 percent by mid 2010.
The news comes as the business group released their latest survey of investor confidence.
Sales and profitability have fallen to 11 year lows, and business conditions have slumped to an all time low.
The chamber’s directory of industry policy and economics Greg Evans said that demand is falling, which will see unemployment rise.
‘We are obviously going to exceed the seven percent official forecast (for unemployment) by June 2010, probably by what might be up to two per cent.”
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