2020-08-31

Australia’s economy faces first setback in 30 years, Melbourne and Sydney worst

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【Australia Wang Jiawen compiled a report on August 31] According to official data to be released, the economic recession caused by the new crown pneumonia in Australia has severely damaged Australia’s two important economic pillar cities-Melbourne and Sydney, which may bring to Australia Years of lasting influence forced these cities to reform themselves. At the same time, Federal Treasury Secretary Josh Fredenberg recently said that the focus of the delayed federal budget is to get Australians back to work first.

Australia faces its first economic recession in 30 years

“Sydney Morning Peak The newspaper reported on August 30 that due to the large number of new coronary pneumonia cases, the sharp decline in international tourists, declining immigration, high unemployment and other factors, the economies of Melbourne and Sydney have been severely hit, and may affect the national economic growth for many years. . Official data from the Australian Bureau of Statistics to be released on September 2 will confirm that Australia has experienced its first economic recession since 1990 to 1991, with the largest recessions expected in Victoria and NSW.

In this regard, SGS Economics and Planning Partner Terry Rawnsley (Terry Rawnsley) said that the traditional growth drivers of Melbourne and Sydney will be severely challenged by the new crown virus outbreak . After experiencing the economic recession from 1990 to 1991, Melbourne re-planned to focus on higher education, international tourism, large-scale events and architecture, which are also important factors for Sydney’s economic success. He said:“All these areas have been really hit, they have been affected by the new crown virus. Melbourne and Sydney have to look at themselves, take into account what has happened, and see what changes they might have to make and find A new way of growth.”

Marion Terrill, director of transportation and urban projects at the Gratan Institute, said that a sharp decline in population growth will generate mobility Effects, including the impact on major construction projects in these two cities. She said:”We have approved a large number of major projects, but many people will not participate. Therefore, these large projects should be suspended and reviewed to see if their business cases are true.”

Melbourne’s job market is shrinking the most

Wage data from the Bureau of Statistics shows the impact of the epidemic on the urban job market Impact. Since mid-March, 4.4%of jobs in NSW have disappeared. But in downtown Sydney, the ratio is about 8.5%. The situation in Melbourne is even worse. During the same period, 7.8%of Victoria’s jobs were lost, but in Melbourne’s city centre, this proportion reached the highest level in the country of 10.3%. At the same time, Friedenberg announced on the 30th the latest analysis of the Commonwealth Bank spending data and unemployment data, showing that the fourth phase of the Victorian blockade has a significant impact on the state’s economy. More than 400,000 Victorians receive Jobseeker Payment (Jobseeker Payment) and 600,000 Victorians receive Jobseeker Payment (Jobkeeper Payment). The Treasury Department believes that in the next two quarters, Victoria will receive more”stay-on-work allowance” than all other states combined.

The budget focuses on the return of Australians to work

In addition According to a SBS report on August 30, Friedenberg also said in an interview that the focus of the delayed budget is to allow Australians to return to work first. He said:”Reforms have been repeating… Whether it is taxation, pensions, skills, or infrastructure, we are making major reforms. The budget will continue to undergo more reforms, but obviously our focus is Let Australians return to work.”