Real Rate of Unemployment at 11.5% – Warren Hogan

The alarming jobless figure announced today by Scott Morrison of 7.1% should rightly be 11.5% argues UTS Industry Professor Warren Hogan.  ABS figures ignore the last two months worth of people who have lost their jobs.  If you look at the masking of Jobkeepers, where people may actually not have any work to do as business has evaporated, then the figures could be as high as 18%.  For young people, it is even higher.  This could continue for two years before the recession lifts.

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