Slow Wage Growth as Jobless Rate Increases: Finance Minister

Australian Finance Minister Mathias Cormann arrives at G-20 plenary during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. Yuri Gripas/Reuters

Finance Minister Mathias Cormann has flagged lower wage growth as the jobless rate soars during the coronavirus recession.

Treasury’s economic update predicts the unemployment rate will peak at 9.25 percent, sending a further 240,000 Australians into the dole queue.