Almost a million people reliant on JobKeeper payments have been left in the lurch after the unprecedented economic lifeline came to an end last night.

While 2.8 million Australians graduated off the payment before it ended, almost a million people were still receiving it.

Federal Treasurer Josh Frydenberg admits there “may be some volatility” now that the economic lifeline is gone.

“I recognise that it’s going to be tough for many people,” he told Ross and Russel.

But he says the unemployment rate will fall throughout the year.

“The trajectory will be downwards over the course of the year,” Mr Frydenberg said.

“That’s the advice from both the Reserve Bank and the Treasury.”

Treasury secretary Steven Kennedy last week told a Senate Estimates hearing he expects up to 150,000 jobs will be lost with the end of the payment.

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