'Eye-watering' coronavirus debt is 'manageable' but unemployment levels remain troubling
ABCWe were told to prepare for "eye-watering" levels of debt in Thursday's budget update and no doubt tears were shed by some. The "effective unemployment rate", we're told, has been steadily falling from 15 per cent in April to 13.9 per cent in May to 11.3 per cent in June. It's the one Scott Morrison told reporters on Friday that he's looking at, "because the effective rate of unemployment means who has a job and who is working and who is getting paid". A couple of weeks ago the Treasurer gave a more technical definition, suggesting "the effective unemployment rate takes into account not only those who are officially unemployed but also those who have left the labour force altogether as well as those on zero hours". Perhaps Treasury should have included forecasts for the "effective unemployment rate" in its budget update if this is now the number the Prime Minister would prefer us to focus on.
History of this topic
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