The most recent unemployment figures from the Australian Bureau of Statistics revealed more than 1 million Australians were unemployed in July with an unemployment rate of 7.5%.

However, the effective unemployment rate sits at 9.9%. 

Writing in The Australian, Treasurer Josh Frydenberg said the COVID-19 pandemic had been a shock to supply and demand like no other. 

"Significant falls in business investment, housing investment and household consumption are all expected to be confirmed in next week’s National Accounts," he wrote. 

"And there’s a hit to the nation’s balance sheet as the budget deficit hovers around $200bn this year, off the back of record government support and declining revenue."

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Young Saver Account

      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Smart Saver Account (Under 25)

        00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver Account($0-$100k)

          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Save up

            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver (<$1 Million)

              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              ANZ Save

                01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Bonus Saver Account (Amounts < $100k)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Life (< 30 years) (Monthly deposit)

                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Boost Saver

                        020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        HomeME Savings Account ($0 - $100,000)

                          02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Growth Saver ($1 - $25k)

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            For customers aged 14-35 years
                            For customers aged 14-35 years

                            Future Saver Account ( < $50k)

                              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Reward Saver Kick Start (Amounts ≤ $1m)

                                010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                Saver Account (<$250k)

                                  Important Information and Comparison Rate Warning

                                  All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 19, 2024. View disclaimer.

                                  Amid the new forecasts, The Australian Council of Social Service (ACOSS) CEO Dr Cassandra Goldie has called for a permanent increase to JobSeeker payments.

                                  “There are 2.3 million people facing the $300 per fortnight cut on September 25 unless Parliament acts in these two weeks," Dr Goldie said.

                                  "Troublingly, more than 1.1 million children are living in households that stand to have their incomes cut on 25 September.

                                  "At the same time, there is only one job for every 12 people on JobSeeker or Youth Allowance, borders continue to be closed, and Victoria continues to endure a long, necessary lockdown that is really tough on people and taking a toll on jobs.

                                  "As well as being a health crisis, this is an unemployment crisis." 

                                  JobSeeker currently pays recipients $565 a fortnight as well as a $550 coronavirus supplement.

                                  From September 25 the supplement will be reduced to $250 a fortnight but recipients will be able to earn up to $300 of their own income without penalty. 

                                  Mr Frydenberg said the economy was fighting back and the job market was showing a marked improvement, but there was a stark contrast between Victoria and the rest of the nation. 

                                  "In June and July, more than 340,000 jobs were created, about 58% going to women and 44% to people aged 15-24," he said.

                                  "Outside Victoria, the number of people on unemployment benefits is about 3% below the peak in May. In Victoria, it’s 3% above.

                                  "In April, Victorians made up about 30% of those stood down on zero-hours across the country. In July, it had risen to about half.

                                  "Victoria saw its participation rate fall in July, the only state to do so."

                                  With Parliament set to resume today for two weeks, Dr Goldie called on the government to support those who wouldn't be able to pay for basics like housing and food if JobSeeker was wound back. 

                                  "In this Parliamentary sitting, the Government must urgently deliver a permanent, adequate increase to JobSeeker and other income supports so that people can have security to cover the basics whilst they rebuild their lives," she said.