Impact of COVID-19 on Australia Economy: Global Industry Analysis, Size, Share, Growth, Trends and Forecast to 2025


Posted August 27, 2020 by larebomrglobal

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The Australian economy is one of the highly developed economies across the globe. As per the Australian Bureau of Statistics, its GDP was around $1.15 trillion in 2019 however, the Australian economy faces a mounting burden due to COVID-19. The country has recorded around 5,800 confirmed cases with around 40 fatalities in total by the end of the first week of April 2020.

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As preventive measures and to support the economy, the government of Australia has made several efforts ranging from supporting the healthcare infrastructure to the jobs of the peoples in the country. Several health councils and organizations have come together to develop the treatment for COVID-19 and to combat the disease. The National Health and Medical Research Council (NHMRC) is supporting the national as well as international efforts, including NHMRC funded experts, to address the COVID-19 pandemic and its consequences.

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The Australian government took several steps to maintain stability during the pandemic. To prevent and stop the spread of the virus, the government announced to reduce public gatherings to a maximum of two people. Evictions are on hold for 6 months by the states and territories. Landlords and renters are encouraged to talk about short term agreements. Further, the government has introduced a Jobs Hub website that enables peoples to find work during the pandemic. The Jobs Hub also advertises the vacancies designed by various businesses across Australia. The government has also announced to launch Early Childhood Education and Care Relief Packages that give families fee relief while supporting child care services.

Based on industry classification, the impact of COVID-19 pandemic on Australia's economy is studied into energy, healthcare, retail & e-commerce, agribusiness & food, aviation, manufacturing, travel & tourism, and others. After the huge number of cases in the country, a brake on the economic activities has been witnessed. Most affected sectors in the country due to coronavirus include aviation, travel & tourism, construction, and other temporary work sectors as numerous companies suspended their operations since March 2020.

Verticals Affected Most

• Energy
• Healthcare
• Retail & E-commerce
• Agribusiness and Food
• Aviation
• Manufacturing
• Travel and Tourism
• Others (Construction, Electronics)

Company Profiles

• BHP Group Ltd.
• BP p.l.c.
• Coca-Cola Amatil Ltd.
• Diamond Energy Pty Ltd
• GrainCorp Ltd.
• Qantas Airways Ltd.
• Rio Tinto
• Virgin Australia Airlines Pty. Ltd.
• Wesfarmers Ltd.
• Woolworths Group Ltd.

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Categories Aerospace , Automotive , Industry
Tags Impact of COVID-19 on Australia Economy , electronic devices , Pharmaceuticals , Travel & Tourism , Healthcare
Last Updated August 27, 2020