Australia Migration & Study ‘still active’04 June 2020 by News Desk
Australia Migration is still an active and on-going process despite COVID-19 restrictions and economic downturn.
“Australia may have reported a period of recession but underlying economy remains healthy with migration and study still available and ongoing,” says Darrell Todd, CEO of ThinkingAustralia.
“Most countries are now reporting record economic slowdown, Australia is not immune. But growth is set to return by the end of the year with a major economic bounce in 2021.
“Now more than ever is the time to act if you are seeking to live, work or study in Australia”.
To discover the many opportunities available Down Under, contact us today – send us your CV, fill out our ‘helpline’ form and we will provide an express eligibility assessment free of charge.
Australia GDP fell 0.3% in March quarter
The Australian Gross Domestic Product fell 0.3 per cent in the March quarter 2020 and growth slowed to 1.4 per cent through the year, according to figures released by the Australian Bureau of Statistics.
“This was the slowest through-the-year growth since September 2009 when Australia was in the midst of the Global Financial Crisis and captures just the beginning of the expected economic effects of COVID-19”, said Bruce Hockman, Chief Economist for the ABS.
The Australian economy was impacted by a number of significant events this quarter, starting with bushfires and other natural disasters, followed by the outbreak of COVID-19 and the subsequent imposition of restrictions.
The government responded with the introduction of economic stimulus and support packages.
Public demand contributed 0.3 percentage points to GDP, driven by a 1.8 per cent rise in government final consumption expenditure.
“Government spending at all levels increased in response to the bushfires and the management of the COVID-19 pandemic.”
Private demand detracted 0.8 percentage points from GDP, driven primarily by a 1.1 per cent fall in household final consumption expenditure.
Spending on services fell significantly, particularly where restrictions impacted most severely, such as air transport services, hotels, cafes and restaurants, recreation and culture. Spending on goods rose, most notably in food and pharmaceuticals, as households prepared for the introduction of restrictions.
Net Trade contributed 0.5 percentage points to GDP. Imports of goods fell 3.9 per cent, with falls in consumption and capital goods reflecting weak domestic demand.
Imports of services fell 13.6 per cent, with travel services falling sharply in response to the global outbreak of COVID-19 and associated travel bans.
Exports of services declined 12.8 per cent, with restrictions on overseas arrivals reducing education related travel and tourism in Australia.
The household saving to income ratio rose to 5.5 per cent, reflecting a rise in gross disposable income and falls in consumption.
Gross disposable income was driven by a 6.2 per cent increase in social assistance benefits due to both an increase in the number of recipients and the introduction of new government support packages in response to COVID-19 and bushfires.
Check out our news page for daily updates https://www.thinkingaustralia.com/news