The Morrison government is being urged to overhaul its JobKeeper program to focus on jobs in the tourism and recreation sectors when the wage subsidy scheme ends
"There are many challenges the economy will face beyond September, we know that, and there are particular sectors that will feel this for longer, particularly those that are particularly dependent on international borders," he said.Government debt last week reached a record $649.2 billion. Another $37 billion in debt is expected to be issued by the end of June.
George Washington University assistant professor of economics Steve Hamilton said the $60 billion under-spend, while embarrassing, was good news for the economy as it suggested the nation's "income hole" was smaller than suspected. The most recent unemployment figures revealed an almost 600,000 fall in the number of people holding a job. The under-utilisation rate, which includes those looking for more hours, rose to an all-time high of 19.9 per cent.Mr Koukoulas said those figures highlighted the pressures facing the economy.
"The government now doesn't have an excuse. The job is to grease the wheels of the economy so it runs faster and bring down unemployment."
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