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. 

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.

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. 

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. Several companies have closed their manufacturing units and stores to stop the spread of the virus. For instance, Radio Rentals closed its all 62 stores nationally until further notice to stop the spread of COVID-19. Thorn Group, Radio Rentals' parent company, closed its stores to increase focuses on protecting the health, safety, and welfare of customers, and team members.

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on Australia's economy. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and the effects of COVID-19 on Australia's economy of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the pre and post-COVID-19 impact on the Australian economy.
• A detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Australian economy.
• Insights about market determinants which are stimulating Australia's economy.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.