The number of people testing positive for COVID-19 in Australia is ramping up, which has a large impact on the Australian market. Despite relatively low deaths so far, the number of cases is likely to increase considerably over the next few weeks as emergency services become more strained. As preventive measures, the government has locked down all the public places to prevent the spread of the virus. The lethal spread has negatively impacted the industry growth in the country.
The Australian government has announced a plan, Endgame, which includes three major steps A, B, and C. Endgame A aims to flatten the curve of the coronavirus spread across the country. If plan A doesn’t work then, Australia is estimated to run out of intensive care capacity if the number of cases counts around 47,000 infections. Endgame B aims to trace and track every infection. It aims to track each person getting on and off the plane or visiting Australia. Endgame C aims to stop and restart, which means minimizing interactions and activities, and sealing borders to passenger traffic until infections are slowed down. Only essential services are to be continued. Thus, this is expected to offer hope for industry growth.
Further, to combat the spread, several health councils and organizations have joined hands in order to develop the treatment for COVID-19 and 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. The government announced to launcha Jobs Hub website that enables Australians to find work during the times of the pandemic. And launched Early Childhood Education and Care Relief Package that gives families fee relief while supporting childcare services.Key companies are intensively indulged in several activities to combat and prevent the virus. Some of them include:
- Foodmach and Med-Con, Victoria-based companies, join hands to accomplish 50 million surgical mask goal
- Evolve Group, a Queensland based company has been granted $1.2 million financial support by the Government to instantly begin the production of the disposable N95 surgical masks in large numbers
- Cloud services connector Superloop witnessed a significant increase in the traffic across its networks as companies are preferring work from home trends and working over video conferencing to ride out the pandemic
- NSW Government announced fast relief worth $10,000 for small businesses across the country
- The Federal Government announced an additionally $300 million in subsidies to allow free childcare for working parents and carers and $1 billion from the JobSeeker package to assist wages in the sector
OMR global recently published a report titled ‘Impact of COVID-19 on Australia’ addressing the impact of COVID-19. Australia has been largely affected; Moreover, the surge in cases in March and April 2020 has affected the industries of these regions. In the report, an expected recovery timeline of the industry will be provided with the best- and worst-case scenario which will aid the companies to take their future steps in the Australian Economy.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-australia-economy
The Report Covers-
- Historical market growth estimation of the Australian economy pre-COVID-19 pandemic
- Deviations in the Australia economy growth rate due to COVID-19 pandemic
Market Segmentation
- Energy
- Healthcare
- Retail & E-commerce
- Agribusiness and Food
- Aviation
- Manufacturing
- Travel and Tourism
- Others (Construction, Electronics)
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/impact-of-covid-19-on-australia-economy
Companies Profiled
- 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
