InvestSMART Chief Market Strategist Evan Lucas says “it takes many many many years to absorb the unemployment that comes from an event like this”. “On average, it takes about eight years, and we’re likely to see an unemployment level that most people haven’t seen in living memory,” he said.
Mr Lucas said Australians under the age of 35 and particularly those under 30 “are going to wear this burden for a significant period of time”.
“The lifestyle that we’ve been accustomed to will take so much longer to get back to, you will see a housing fall, you will see a significant contraction in GDP,” he said.
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