A leading economist has warned it will take at least 18 months before the Australian economy begins to resemble its pre-pandemic self. Chief Economist at AMP Capital Shane Oliver told Sky News the economy may rebound as the immediate danger from COVID-19 recedes, but it will be a long time before businesses invest in the levels seen before the global pandemic.
If true, 2020 would mark Australia's first recession in three decades. According to Australia's central bank, the health crisis will cause households to decrease spending by 15 per cent, while housing investment will plunge by a whopping 17 per cent over the same period. Mr Oliver Sky News the tourism, aviation and education sectors in particular will continue to struggle until a COVID-19 vaccine is found.
ShaneOliverAMP Given how things are so messy and erratic in the US 18 months is probably very optimistic. At home a major for local jobs the Federal Government has to stop outsourcing everything to foreign companies, especially information technology.
ShaneOliverAMP It will only take 18 months if, business does not invest, nor fair taxes paid!!
ShaneOliverAMP Bullshit - u saw today . We are ready to spend our cash !
ShaneOliverAMP Longer if Dictator Dan gets his way... we may still be at home?
ShaneOliverAMP 😢
ShaneOliverAMP My AMP shares are worth jack shit and stuff all to do with the virus
ShaneOliverAMP It will take more more than 18 months to pay back the bill. . . A minor detail.
ShaneOliverAMP MoreLiberalLies from the CorruptCoalition
ShaneOliverAMP Incredibly there will be amazing positive changes as Australians adapt to adversity BUT don't expect a resemblance. So many smaller businesses who we value in our society have lost everything. Just hope they can reinvent themselves or start over again ❤
ShaneOliverAMP Not in Victoria . Comrade Dan will extend the state of Emergancy and go back into lockdown due to Victorians not understanding he and his Beijing masters have the power
ShaneOliverAMP As much as like ShaneO - no economist has any idea when things will be back to normal - any such forecast is pure shizenhaus
ShaneOliverAMP Or longer.... Service based economy: Fail. Manufacturing based economy: Pass. Bring manufacturing back to Vic.