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No snapback: A post-virus economy is going to be different

Nothing is good if your comparison point is the Great Depression.

Treasury secretary Steven Kennedy, fronting a Senate inquiry into how the hundreds of billions in government support is being shuffled out the front door, noted on Tuesday that while the jobless rate in the 1930s rose to unprecedented heights, it had occurred over a space of years.

The coronavirus-induced shutdown of the Australian economy would likely see unemployment fall short of Great Depression levels, but a great many people would have lost their jobs in an astonishingly short period of time.

“We have never seen an economic shock of this speed, magnitude and shape, reflecting that this is both a significant supply and demand shock,” he said.

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