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Australia Economy is ‘Strong’

30 April 2020 by News Desk

Australia economy remains strong and despite the effects of coronavirus the country has maintained its triple A credit rating.

Global rating agency Moody’s said that despite the financial hit from the pandemic and costly measures aimed at stopping its spread the Australia Economy and government finances were strong.

Forecasters predict the national economy could shrink by almost 5 per cent this year. And Treasury secretary Steven Kennedy warned the economy would be different for many people on the other side of the pandemic with some jobs and businesses lost forever.

The government has launched its $130 billion JobKeeper program, which this week will start paying a $1500-a-fortnight wage subsidy to those who’ve been kept at home as a result of the emergency.

More than 800,000 JobSeeker claims have so far been processed.

Australia Economy Boosted

Australia Economy has been boosted by a range of support including three packages – $17.6 billion in measures for business, welfare recipients and tourism operators, followed by JobSeeker and JobKeeper.

So far, 540,000 firms have enrolled in JobKeeper, covering 3.3 million workers.

Dr Kennedy said while Australia’s jobless rate got higher during the 1930s Great Depression, it took several years. The current shock was of an unprecedented “speed, magnitude and shape”.

Ratings agency Fitch estimates Australian gross domestic product could be cut by 5 percent this year alone before rebounding by 4.8 per cent in 2021. Much of that depends on how quickly countries unwind their social distancing restrictions.

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