The Reserve bank have offered a glimmer of hope despite the significant national debt Australia may find itself in post COVID 19. The Reserve Bank argues an economic rebound may still be plausible, but with a warning that a lot hinges on the return of household and business confidence after restrictions are eased.
Scott Morrison recently announced his three-step plan for Australia to reduce restrictions and stimulate the economy with the re-opening of various industries.
Did you sign up for the Job Keeper wage subsidy last month? If you submitted your paperwork you’ve more than likely received your first payment, offering a little relief during the COVID 19 pandemic.
What is the government’s economic response to COVID-19 so far?
In an act to help the Australian economy try to withstand the effects of COVID-19, the government has released a series of initiatives aimed at aiding those in need. The aim is to keep businesses afloat and individuals will becompensated to help everyone get ‘back on track’ as quickly as possible post virus. Although, we have yet to know when this time may be.
The government website is being updated daily with advice on benefits and new opportunities for those struggling during this time.
The world has completely transformed given the current Covid-19 pandemic. Businesses in Australia are being forced to close all over, our unemployment rate has risen from approx. 5% to 8% (and is estimated to hit 12%) and many have been left with debts they are unable to pay.