In a radio interview given to Australian Broadcasting Company, Australia’s Prime Minister Kevin Rudd said that the unemployment rate will likely rise despite unexpectedly dropping in April. The previous month saw the unemployment rate surprise many after having fallen to 5.4% from 5.7% the month prior.
The move came as cash handouts were delivered to the Australian’s as part of the government’s fiscal stimulus package. As much as A$950 was given to each consumer.
On a seperate note, The Australian newspaper reproted that Rudd will reduce the rebate for health insurance given by the government. Singles who acquire a private health plan and who earn between A$74,000-A$90,000 will see their reimbursement fall to between 20-30% of the cost. Those who earn between A$90,000-A$120,000 will see the figure drop to 10%.