Record number of jobs lost in April

Australia saw 594,300 jobs lost in April — the biggest monthly fall in unemployment since records were started in 1978. Speaking after the release of the data, Prime Minister Scott Morrison acknowledged it was a “tough day for Australia,” while Treasurer Josh Frydenberg said the figures showed why the government’s $130 billion JobKeeper program is so vital. The unemployment rate jumped a full percentage point to 6.2% — better than the forecast 8% — with the RBA predicting an increase to 10% in June.

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