Unemployment rises, Australia’s cybersecurity comes under threat and … Afterpay continues its run
What a week for Australia.
On Wednesday, the latest unemployment data was released, revealing the official unemployment rate now sits at 7.1% and on Friday, it was revealed Australia's cybersecurity was at risk.
85,700 people lost their positions in May this year, with the Australian Bureau of Statistics announcing 227,700 Australians lost their jobs between mid-April and mid-May.
This equates to 927,600 Australians losing their jobs during the COVID-19 pandemic and the second largest monthly loss of jobs on record, behind April figures that showed 594,300 Australians had their employment terminated.
To put this in perspective, 65,400 lost their job in October 1982 – the third biggest loss of jobs in Australian history.
There are many who believe these figures are underestimating the impact.
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