The long term damage to the South Australian economy is of a magnitude not seen since the 1930s Depression. As a resume writer and employment expert, this is new and dark territory. It’s not helped by dodgy reports by Deloitte Access Economics, which massively understate the bad news.

South Australia’s unemployment rate could spiral to almost 11 per cent within a year, according to a shonky Deloitte Access Economics report, while the gross state product is predicted to fall almost seven per cent.

SA will receive scant GST monies in 2020 and revenue has fallen through the floor. SA survives on GST revenue from other states. The problem with this scenario is that in real terms, SA’s unemployment level was 9 per cent before the virus hit. I expect it to climb closer to 17 or 18 per cent.

Unfortunately, SA was an economic basket case, even before the Coronavirus, with state final demand figures nosediving quarter after quarter.

Weirdly, Deloitte say SA’s entrenched unemployment issues have provided some relief amid the crisis, with JobSeeker payments temporarily doubled and the JobKeeper wage subsidy guaranteeing a $1500 fortnightly payment for eligible workers.

Can anyone see what’s wrong with that sort of thinking?

For more: https://indaily.com.au/news/2020/04/09/a-world-of-pain-sa-spiralling-towards-double-digit-unemployment/