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
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
4000$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

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
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)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

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

          Reward Saver Account (31 years +) ($0-$100k)

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

            Bonus Saver Account (Amounts < $100k)

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

              Reward Saver Kick Start (Amounts ≤ $1m)

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

                Life (< 30 years) (Monthly deposit)

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

                  NetBank Saver

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

                    ANZ Save

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

                      Savings Maximiser (<$100k)

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

                        Young Saver Account

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

                          Save up

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              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 April 16, 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.