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Australia’s Unemployment to Soar to 11.1%: Westpac’s Evans

  • Australia’s economy set to contract by 3.5% in second quarter
  • Sustained economic recovery not expected before fourth quarter
Daily Life In Sydney As Bushfire Warning Reaches ‘Catastrophic'
Photographer: Brent Lewin/Bloomberg
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Australia’s jobless rate is set to soar in the next three months to levels just shy of a recession-era peak in 1992 as the economy is set to contract severely, according to Bill Evans of Westpac Banking Corp.

“Economic disruptions are set to be larger as the government moves to address the enormous health challenge which the nation now faces,” the chief economist said in a research note Tuesday. “Despite releasing new forecasts only last week we are now revising those forecasts in light of the current extraordinary circumstances.” He had previously forecast a 7% peak.