Australia's jobless rate could rise to 11% - Westpac

Omkar Godbole FXStreet Contributor

Westpac has cut its outlook for the Australian economy by revising the forecast for the unemployment rate higher as the coronavirus outbreak is causing larger-than-expected economic disruptions.

Key quotes

Australia's unemployment rate could rise to 11% by June.

A sustained recovery will likely commence from the fourth quarter.

Last week we forecast a peak in the unemployment rate of 7%. Since then we have seen the rollout of more extensive shutdowns than we had originally envisaged.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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