Cormann told Australian Broadcasting Corporation (ABC) television on Wednesday that some industries will be changed forever by the pandemic.
Australia’s unemployment rate is expected to reach at least 10 percent in the second quarter of 2020, representing 1.4 million people out of work.
Asked if he expects the jobless rate to remain high for the foreseeable future, Cormann said that “some jobs will not return.”
“But new jobs will emerge as well. We are working on a plan for a strong recovery on the other side,” he said.
In response to the virus, the government has legislated economic stimulus measures, which included the 130-billion-Australian-dollar (84.5 billion U.S. dollars) JobKeeper wage subsidy scheme, which entitles employees who have had their work status affected by the virus to fortnightly payments of 1,500 Australian dollars (975.4 U.S. dollars) for six months.
“Clearly the first priority was to ensure we provided the necessary and appropriate supports for our economy, for business, for Australians through this period and we’ve done that through programs designed to support business and support Australians,” Cormann said.
“And our focus now is on maximizing the strength of the recovery on the other side. That clearly is going to be the focus now and there will be new opportunity, fresh opportunities as well, as a result of some of the adaptation that business has been forced to go through over this period.”
