![]() While it's abundantly clear small businesses have faced enormous challenges amid lockdowns in several states and territories, medium businesses and large corporations have fared much better – particularly in the lead-up to the middle of the year. It's been three years and I still haven't caught it – does that mean I'm immune to COVID-19?Īnother important contributor to GDP is business investment.Scientists say these are the 12 symptoms that reveal when COVID becomes long COVID.China's 'controllable' COVID-19 surge expected to peak at 65 million cases per week."Consumption", or household spending, makes up roughly two-thirds of economic activity, so this will be a big hit.īut, at least according to National Australia Bank's forecasts, that hit will come after the June quarter, with consumption tipped to add 0.8 percentage points to the GDP growth number being released next week. Economists expect sales will have collapsed by 3.3 per cent. Later this week July retail sales figures will be released. The Greater Sydney lockdown had only been in place for several days in June, but it was enough to produce a negative retail sales figure for the month (-1.8 per cent). ![]() Lockdowns are bad news for shopping centres and department stores. If it's a negative figure, a "technical recession" (which requires two consecutive quarters of negative economic growth) will be all but confirmed (as this quarter's GDP is guaranteed to be sharply negative).Įither way, the Australian economy has once again found itself in quite a funk.Ĭatch up on the latest COVID-19 news here Retail retreat The Bureau of Statistics will release the National Accounts next week, including gross domestic product (GDP) for the June quarter. "This time around it's much longer, and I think the recovery might be much harder as a result." "My sense is that last year it was short, sharp pain, and then the government came in and supported," lead economist at Equity Economics, Angela Jackson, says. ![]() We're in a different type of economic struggle now: It's less acute, more drawn out and with deep-seated anxiety. Last year, the pandemic induced an acute economic crisis which ultimately led to a recession. ![]()
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