Treasurer warns Victorians to brace for more job losses despite fall in national unemployment

Treasurer Josh Frydenberg say Australia’s latest economic figures are a mixed bag.

Australia’s unemployment rate fell from 7.5 per cent in July to 6.8 per cent in August.

Mr Frydenberg said that’s a very positive sign.

“That’s the single biggest drop in 32 years and it reflects the fact that outside of Victoria the economy has been opening up,” he told Tony Jones, filling in for Neil Mitchell.

“The good news for the economy is that 111,000 jobs were created in the months of August.”

But in Victoria it’s a very different story.

“We did see 42,000 jobs that were lost and we’re likely to see more jobs lost in Victoria as the months go on,” Mr Frydenberg said.

Victoria’s effective unemployment rate, which takes into account not just those who are officially unemployed, but also those employed but currently working zero hours, jumped from 10.5 per cent in July to 13.1 per cent in August.

Press PLAY below for the full interview.