The predicted unemployment rate could have been up to 10 percent without the Federal Government’s two stimulus measures announced Prime Minister Kevin Rudd, after receiving advice from Treasury figures.
“This Treasury advice finds that if the Government had done nothing, national unemployment in Australia would have been forecast to reach 10 percent,” said Rudd. “This advice is the final nail in the coffin for those who argue that government’s should do nothing to support jobs during a global recession.”
The advice follows an unexpected fall in the jobless rate to 5.4 percent during April. However, analysts have forecast an unemployment rate of up to 8.5 percent later this year.
Rudd will reveal the Treasury figures in tonight’s Federal Budget.
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