1/5  BIS central bankers' speeches  Given these considerations, our baseline forecast is that the unemployment rate continues to increase, reaching around 10 per cent later this year. Unemployment would have been substantially higher if it were not for the JobKeeper and other income support programs.
And, if we take into account people who are on zero hours, the true unemployment rate is higher than the published measure. We are expecting the published unemployment rate to decline gradually from 10 per cent, but to still be around 7 per cent in a few years’ time.