The Aussies hit hardest by job losses

Unemployment reaches 7.1% in Australia worst in over 15 yrs

This included a decrease of 89,100 jobs in full-time work and 138,600 people in part-time employment. In May alone, under 25s have lost 100,000 jobs, which is nearly half of the month's numbers.

The Australian Bureau of Statistics revealed Thursday morning that Australia's unemployment rate hit 7.1%, which is the highest it has been for 21 years.

"Over the past two months, a massive 835,000 people have lost their job", they told clients.

Prime Minister Scott Morrison also warned the public that the numbers could further drop in the coming months.

"Young people, they have been most affected in these numbers". Youth employment plunged by around 103,000, making up 45% of the jobs lost in May, and youth unemployment climbed to 16.1%, he said.

Inner-city Sydney and Melbourne have been the worst-hit by COVID-19, with new Australian Bureau of Statistics maps showing one in ten or 10.6 per cent of jobs in these areas were lost in just 11 weeks.

"Certainly what we do know is that the number of payroll jobs rose by 1 per cent in May, lifting 0.4 per cent in the last week of the month alone".

Currently, 1.7 million Australians are on JobSeeker, which in September is slated to be reduced from its current rate of $550 a week back to the measly $40 a day, despite pleas from welfare groups.

Australia's jobless rate for April was revised up from 6.2 per cent to 6.4 per cent, itself the greatest level since October 2014.

As a result, fewer people went looking for work, sending the participation rate to 62.9% from 63.6% in April.

"As retail doors open again, as food courts are open again, as shopping centers are fuller again, we hope to see more of those young people back into that work but that task will be great".

Women have been affected far more than men, too, with treasurer Josh Frydenberg stating that 52 per cent (or 118,000) of May's job losses were women's. But my hope is that, equally as the economy opens up, they will hopefully also be the first to benefit from the economy opening up.

"The unemployment rate is likely to remain elevated in 2021, with our year-end target at 7-7.5 percent", Ong said.

Market analysts at NAB bank expressed shock at the number of people who left their jobs or stopped looking.

Earlier in the week, Industrial Relations Minister Christian Porter conceded it was inevitable people would move from the wage subsidy to unemployment payments.