Australia Close to Virus-Related Unemployment Peak

Philip Lowe, Governor of the Reserve Bank of Australia, sits next to Steven Kennedy (left), Secretary to the Department of Treasury, during the Meeting of the Council of Australian Governments (COAG) at Parramatta Stadium in western Sydney on March 13, 2020. David Gray/Getty Images

Treasury boss Steven Kennedy believes Australia may have reached its unemployment peak stemming from COVID-19 restrictions.

While the official unemployment rate is 6.2 percent, Treasury is confident its forecast of 10 percent is closer to the mark.