Jobless rate surges to 7.1pc as COVID19 economic fallout continues to bite

Australia's unemployment rate jumped to 7.1 per cent in May from 6.4 per cent in April, with the Bureau of Statistics estimating a further 227,700 jobs were lost last month. 

The participation rate surprised by slumping a further 0.7 percentage points to 62.9 per cent, the lowest level since January 2001. 

ABC's Peter Ryan says the jobless rate is set to rise further in the coming months.