Stimulus package to stem Aust unemployment: OECD

Stimulus package to stem Aust unemployment: OECD

The OECD has given its endorsement to the Rudd Government’s economic stimulus package, noting that it has saved up to 200,000 jobs.

The OECD estimates that employment in Australia will be between 1.4 and 1.9 percentage points higher in 2010 than if no fiscal measures were taken.

Treasurer Wayne Swan lauded the report, but noted that the OECD expects unemployment across advanced economies to reach nearly 10%, leaving a massive 57 million people jobless.

“This sobering global outlook confirms the massive challenge we still face as unemployment continues to rise here and around the world, and underscores the vital importance of delivering our stimulus measures in full to keep as many Australians in work as possible,” he said.

Australia’s current unemployment rate is 5.8%, Swan said, lower than all but one of the world’s advanced economies.

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Tags employmentfinancial crisisOECDLabor

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