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COVID-19 Update

14 May 2020 by News Desk

COVID-19 Update: NSW will be a “buyer’s market” in coming months as house prices are set to plummet.

That’s according to NSW Premier Gladys Berejiklian who believes it will take at least a year for property prices to recover.

Government figures show that almost 600,000 Australians lost their job last month, the single largest rise in jobless in the nation’s history.

Prime Minister Scott Morrison said the pandemic’s economic hit will be tougher than the global financial crisis.

But it is worth remembering that many, if not the majority, of people recently laid off will most likely return to work once the lockdown restrictions are lifted entirely.

Of course, some jobs may never return, but businesses that can weather the current storm will re-open and workers will return.

COVID-19 impact on jobs

More than six million Australians are on JobKeeper, and more than 1.6 million are on JobSeeker. As restrictions start to lift, 850,000 people will return to work. The unemployment rate is 6.2 per cent, having spiked in every state and territory although it is worse in Queensland and South Australia.

Nineteen parties – including the Queensland government – are planning rescue bids for Virgin Australia following the airline’s collapse last month. First round of bidding will start in 24 hours.

The national death toll from COVID-19 remains at 98. The global death toll is almost 300,000, there are 4.3 million known cases of infection and more than 1.5 million people have recovered from COVID-19, according to the Johns Hopkins University tally as of 7pm.

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