Impact of COVID-19 on the Australian Economy

By Suman Kunwar, Australia

Looking at the present scenario COVID19 have deeply alter the Australian Economy preceded by 2019 Bushfire. Despite record low interest rate, low employment and high government spending, the economy is barely growing.

As of 20^th of March more than 700 people have been infected in Australia and 244,500 across the globe leading to more than 10,000 death worldwide. Result, Australian has closed its border for outer world heading to Isolate the country in itself.

The immediate effect of COVID19 can be seen on Aussie Dollar and Stock Price. AUD has fallen to its lowest level in 17 years, tumbling below the USD 60.10 cents and Stock price falling down rapidly.

In a long run many small Business Houses will find themselves in difficult situation to operate. Hospitality and Tourism Industry will be the most to be affected because of this situation creating a lot of unemployment and economic unbalance. For Instance, 2020 Vivid Sydney have been called off which is the tourist attraction of thousands of people from across the world.

We can hardly see the people walking in Sydney CBD. Restaurants and Café have been Shut Down temporarily as a result many of the employee have been Jobless. People find themselves in a difficult situation to pay their Monthly Bill and rent.

 Therefore, for now we have to wait and see how the virus spread or stops in coming couple of weeks or month and how the government enforce the various measure to control the virus.

Published date: 20 march 2020