Treasurer Josh Frydenberg has acknowledged the nation's labour market has been radically altered by the coronavirus pandemic, promising to set JobSeeker at a rate that reflects the state of the nation's economy when the COVID-19 supplement expires in December.
The federal budget forecasts unemployment to peak at 10 per cent in the December quarter before reducing to 7.25 per cent by March. "Even though we extended it for an extra six months, the budget is moving and transitioning to the next phase of our recovery plan, namely to create nearly one million new jobs."
"What we are focused on is giving every business and every job the best possible chance of getting to the other side."The treasurer also defended the federal budget's impact on women - including hundreds of thousands on JobSeeker who are not eligible for the government's under-35s wage subsidy - saying lesson of Australia's last recession was that young people must be supported.
"The reason why we went for that cohort of 16-to-35 was because if you look right now at the unemployment rate for people who are 15 to 34, it's around 10 per cent," he said.
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