Australia's jobless rate could rise to 11%
Fundamental Forex Analysis

Australia’s jobless rate could rise to 11%

Westpac has cut its outlook for the Australian economy by revising the forecast for the unemployment rate higher as the coronavirus outbreak is causing larger-than-expected economic disruptions.

Key quotes

Australia’s unemployment rate could rise to 11% by June.

A sustained recovery will likely commence from the fourth quarter.

Last week we forecast a peak in the unemployment rate of 7%. Since then we have seen the rollout of more extensive shutdowns than we had originally envisaged.

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