Australia's government unveiled fresh fiscal stimulus measures on Tuesday, pushing the budget deficit to a record level as the economy faces significant challenges from the once-in-a-century coronavirus pandemic.
"There is no economic recovery without a jobs recovery," Treasurer Josh Frydenberg told lawmakers. "There is no budget recovery without a jobs recovery."
The unemployment rate is expected to peak at around 8 percent in the December quarter. The jobless rate is seen at 7.25 percent in 2020-21 before falling gradually to 5.5 percent in 2023-24.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.