Tuesday, March 18, 2025 | 04:53 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Covid hits Australia's golden economy, country faces rocky road to recovery

The unemployment rate for females looking for full-time work surged to 8.3% in May from 5.4% in February before coronavirus-driven shutdowns kicked in

australia
Premium

"We're going to have low interest rates for a long period of time," central bank Governor Philip Lowe said last week, adding that there would be "a shadow from the virus for quite a few years."

Swati Pandey | Reuters Sydney
Coronavirus has done to Australia what even the global financial crisis couldn't: abruptly end a record growth run and help trigger a deep recession from which the country will take time to recover.
While Australia has had great success so far in heading off the pandemic, with just over 100 deaths, the cure of shutting out the rest of the world means massive hits to three key growth drivers - tourism, education and immigration.
Fiona Gulin was 18 when the last recession hit Australia in the early 1990s. Back then, she managed to keep a part-time job at a music publication, before

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in