Impact of COVID-19 on Australia Economy Size, Share, Forecast 2019-2025

Posted April 8, 2020 by rishabh3210

Impact of COVID-19 on Australia Economy Size, Share, Forecast 2019-2025Impact of COVID-19 on Australia Economy Size, Share, Forecast 2019-2025
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.

Key companies operating in Australia whose business operations are affected due to COVID-19 include Wesfarmers Ltd., Woolworths Group, Coca-Cola Amatil Ltd., GrainCorp Ltd., Diamond Energy, Qantas Airways Ltd., Virgin Australia Airlines Pty. Ltd., BHP Group, Rio Tinto, BP PLC among many others.

Verticals Affected Most

Retail & E-commerce
Agribusiness and Food
Travel and Tourism
Others (Construction, Electronics)

Company Profiles

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

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Tags Impact of COVID-19 on Australia Economy Size, Share, Forecast 2019-2025
Last Updated April 8, 2020