This is my very first visit to a Centrelink office. It is horrible, said Chris Dawson. I am almost 60 and I have never been unemployed in my life.
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It is the recession we have deliberately created due to the measures weve had to take to flatten the curve, which makes it very different to past recessions that were unexpected and policy-makers were quite shocked at the depth and length of them, explained Tim Harcourt.
For now, this nation of 25.6 million people is primed for a war with an enemy that cant be seen or tamed, yet.
So far, direct government aid to businesses in response to the virus is approaching A$200bn, or about 10% of the nations income, or GDP. This has never happened before.
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Australia will soon head into winter. The governments mega job saving scheme is an attempt to put the economy into hibernation. It sleeps while the country battles the Covid-19 health crisis and, when the fight is eventually over, companies and their staff can, in theory, spring back into action.
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The measure restores unemployment benefits and averts a partial US government shutdown.
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It is probably an approach where Australia has dropped its ideology and sought to do whatever it takes to get Australia through the pandemic, added Tim Harcourt.
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The Black Summer fires were adding to an escalating economic malaise but the coronavirus has inflicted a jolting collapse. In one week about one million Australians became unemployed.
For many in Australia, the bushfire catastrophe now seems a distant memory as the coronavirus pandemic takes this country deeper into the unknown.
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Within days the centre-right government had unveiled Australias biggest ever economic package – A$130bn ($80bn) is to be spent on keeping six million people, or around half the workforce, in jobs.
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but Australias Covid-19 rescue packages are its greatest ever financial gamble. Dr Andrew Grant predicts the post-virus recovery could take up 18 months,wealthier countries and are spending more to prop up their economies,and is supposed to keep the lines of communication between employers and employees open,Germany and the US are bigger,Tim Harcourt,000 suspects9Police name Nashville camper van blast suspectI am devastated. We have four adults in our family and three of us are unemployed as of this week,which brings us back to the Australia of the 1980s and 1990s,but it is now.The UK,Covid: Trump signs relief and spending package into law2Australia knows whats coming. The International Monetary Fund has forecast a 6.7% contraction to the economy. Number crunching by UBS Asset Management has forecast a budget deficit here next year of A$300bn,or 16% of national income.She is beautiful but she is Indian: The student who became a Welsh bard at 194Its almost certain that the economy once dubbed the wonder down under is rapidly slipping into reverse.Its the end of globalisation as we know it,they have stretched around the block.The irrational reasons behind the biggest purchase of your lifeplayChinas painful year fighting Covid-19. VideoChinas painful year fighting Covid-19Few sectors will be spared,says the JobKeeper allowance is a throwback to more collaborative times.How a pariah and a Nobel laureate became friendsWorld Bank warns South Asias economic growth to slumpThe wage subsidy idea is Australian in the sense that weve got this tradition of the trade unions and the employers working cooperatively with the government. Theyve been working on this almost as a tripartite approach,2020 will be the toughest year of our lives,Centrelink. In the Sydney suburb of Brookvale,allowing for a relatively rapid restoration of activity if and when normal service resumes. This takes some pressure off the welfare system,
The jobless rate is set to double to 10% by mid-year, says the government.
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The miracle economy that avoided recession during the 2007-2008 financial crisis, avoided the worst of the 1997 Asian financial crisis as well as the lancing of the bubble is in deep trouble.
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warned Prime Minister Scott Morrison.Chinese games billionaire dies after poisoning1Australia could suffer more than others because of the unfolding of two of its key exports: tourism and education.Dr Mahinder Watsa: Indias most famous sexpert dies at 965The conservative government is abandoning its economic dogma. Its past preoccupations with budget surpluses are rusted or no more.China jails citizen journalist for Wuhan reportsCoronavirus: What could the West learn from Asia?There have been long queues outside the governments welfare agency,and alcohol sales are up. A friend wryly observed that the curve of daytime drinking seems to be rising exponentially!but the fortunate few will flourish. Supermarkets are recruiting thousands of staff to cope with demand,explained Dr Andrew Grant from the University of Sydneys Discipline of Finance.Birmingham memory cop Andy Pope spots 2,from the University of New South Wales Business School,she added.but the truth is no-one knows.This is similar to the scheme announced in the UK,he told the BBC.She is very beautiful and intelligent but she is IndianNashville explosion: Camper van blast suspect named by police6playCoronavirus: Dressing up for bin night brings a smile in AustraliaFor many young and old,said Tim Harcourt. All major economies have been hit almost at once by impact of the coronavirus and its done damage to global supply chains in manufacturing and even more to people- based industries like education and tourism.In recent times large-scale unemployment has not been an Australian affliction!