Coronavirus: What the jobs data really tell us

Coronavirus: What the jobs data really tell us, by Adam Creighton.

Never in Australian history have so many depended on so few.

More than 72 per cent of the nation­’s 13.2 million-strong labour force is now employed by federal, state or local governments, supported by JobKeeper or in receipt of JobSeeker.

The Treasurer revealed on Thursday that just over six million workers were being supported by JobKeeper, and a further 1.6 million by JobSeeker, the new supercharged unemployment benefit. …

The underutilisation rate, which adds the unemployment and underemployment rates, hit a record 19.9 per cent, eclipsing the 1992 high of 18.2 per cent.

If we went the full Soviet, we could eliminate unemployment altogether.

hat-tip Stephen Neil