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600,000 jobs lost in Australia

The data has just come out - and the Australian jobless rate has jumped from 5.2% to 6.2% in April - lower than the 8.3% forecast by economists.

Still, that's a loss of 600,000 jobs in a country not as severely affected as many others around the world.

But already, analysts say that number doesn't reflect the true damage to the economy. Welfare programmes have helped cushion the numbers.

Over six million Australians are receiving pay subsidised by the government. One million Australians have applied for unemployment payments. Together, that's over 40% of the workforce.

Prime Minister Scott Morrison told the nation: "It is a very tough day. Shocking but not unexpected."

He said more economic pain would come in the coming months, but the reopening of society in coming weeks would help.

The government has forecast unemployment will hit 10% by June, and GDP will fall 10% in the same period - the largest quarterly fall on record.

Source: BBC

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