Australian households face grim financial outlook as coronavirus unemployment rises
Analysts say falling house prices and income losses will result in lower long-term rates of household consumption growth
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Household finances face a serious impact in the wake of the coronavirus shutdown, economists have warned, as loss of earnings, falling house prices and job insecurity combine to reshape the economy in a way not experienced by Australians for decades.
Official figures released on Thursday showed that unemployment had risen to a “shocking” 6.2% in April, and with the jobless rate likely to rise until one in 10 Australians are out of work, a fundamental shift is occurring in the economy.