The Australia economy is fundamentally sound with strong long-term prospects – the overall impact of the current emergency will be ‘manageable’, leading forecasters say.
The Australia economy will not return to how things were before coronavirus struck but unemployment caused by the pandemic will be “manageable”.
That’s the view of Australian Government and leading banks who predict that business and individuals will rapidly adapt to the changing conditions.
Entire industries have been put into a state of hibernation in a bid to contain the virus and some businesses currently on life support will need to restructure.
Government policies will cushion the impact on the national economy. Ministers predict that wage subsidies will limit the peak in the jobless rate to 9 per cent in June then fall to 7 per cent at the end of the year.
Australian banks are playing a critical role in the government’s plan to temporarily shut down areas of the economy including tourism, pubs, cafes, and personal services. Banks are allowing companies to defer loan repayments and offering low-cost debt to keep businesses afloat during the period of social distancing.
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