Coronavirus Australia: the current emergency will hit the Australian economy but the country will bounce back, government forecasters say.
Prime Minister Scott Morrison said Australia is now preparing plans to emerge from the pandemic in good shape, after navigating “the road in” better than most nations.
The Australian government predicts that up to 580,000 jobs will be lost as result of the virus lockdown but says that the economy will ‘bounce back’ once the worst of the emergency has passed.
Australian retailers are starting to tentatively reopen stores across the country despite experts warning of the threat from a “second wave” of COVID-19.
86 per cent of tenants in Westfield shopping malls are allowed to trade but of those only 39 per cent were open.
Meanwhile, retailers are taking a long-term view, with major chains planning to reconfigure product supply chains to prepare for a major shift towards online shopping.
Coronavirus Australia: property prices
Tech forecasters predict a growing shift towards cashless transactions and digital currencies as a result of the coronavirus emergency.
Property Prices Down Under could fall between 20 and 30 per cent as a result of the coronavirus and any prolonged economic shutdown.
“The coming months will see a major shift in the Australian property market,” says Darrell Todd of thinkingAustralia.com. “It will be an attractive time for anyone seeking to purchase property or invest down under”.
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