Independent and FREE - 2021 Best Online Publication

Call to maintain payment support as jobless fears grow

Independent and FREE – 2021 Best Online Publication (Qld Country Press)

Call to maintain payment support as jobless fears grow


Call to maintain fiscal support measures as national jobless fears grow

Do you have a news tip? Click here to send to our news team.

Traveller’s delight: enormous expo will get you on the road to adventure

Thousands of keen travellers and outdoor enthusiasts are set to converge on an enormous expo, amid a boom in the caravanning and camping industry. For More

Solo exhibition of Coast’s own Archibald Prize finalist

From a moonlit Beerburrum landscape to a richly detailed portrait of the late Archie Roach, a wide range of works by local artist Peter More

Brighter future for town’s oldest and rarest buildings

Caloundra's historic and unique lighthouses are set to undergo rehabilitation work to ensure the region’s signature maritime beacons stand the test of time. Work will More

Purr-fect crime? Mystery ‘catnapping’ case ramps up

He’s been spotted more than 30km from where he vanished nearly a month ago, but Schultz the cat’s owners won’t give up. The search for More

Sand castles, sharks and the Seal Park: unfamiliar stories of the old days

Imagine ziplining over Mapleton Falls, going to the zoo at Tanawha and being blocked from a road because you didn’t have the key. Here are More

Critical: mum-and-dad owners at breaking point

Worker shortages “across all industries” are severely impacting many Sunshine Coast businesses, forcing temporary closures, exhausting owners and frustrating customers. While the ongoing fallout from More

The Australian unemployment rate could be approaching eight per cent next year as support measures like JobKeeper are phased out.

That’s the view of the Organisation for Economic Cooperation and Development in its latest Economic Outlook, which has urged Australia not to withdraw its fiscal and monetary policy support until the economic recovery is “well entrenched”.

Shadow treasurer Jim Chalmers said the OECD had joined the Reserve Bank, the International Monetary Fund, Deloitte Access Economics and other prominent economists who have called for more to be done, not less.

“Scott Morrison’s decisions to withdraw support too soon and exclude more Australians from incoming support will exacerbate the economic damage being inflicted on those who were hit hardest by the virus outbreak and left behind by initial policy and fiscal responses to the crisis,” he said.

The Reserve Bank at its final board meeting of the year on Tuesday reiterated it is unlikely to raise the cash rate for three years.

The OECD also warns any further escalation in its tensions with China could undermine the nation’s economic growth outlook.

The Paris-based institution forecasts the Australian economy will contract by 3.8 per cent in 2020, before growing by 3.2 per cent and 3.1 per cent in 2021 and 2022 respectively.

However, it predicts the unemployment rate to rise to 7.9 per cent in 2021 compared with 6.8 per cent this year, and still be at 7.4 per cent in 2022.

Both the Australian Treasury and the Reserve Bank are forecasting the jobless rate to peak around eight per cent this year.

The report comes ahead of Wednesday’s national accounts that are expected to show Australia emerging from its first recession in almost 30 years.

The OECD expects the easing of Victoria’s lockdown and strong fiscal support will boost economic growth in the near term.