Over the last few decades, we have witnessed something frightening erupting in the form of floods, hurricane, wildfires, tornadoes as well as economic shocks and now the pandemic. Social unrest, violence and all of these things are happening with a greater frequency and they are creating a crisis.
Australian economy witnessed a significant growth and has had a record 29-year recession free run. However, things are changing and most economists are forecasting June quarter GDP to fall anywhere between 5 and 10 per cent since the entire sector were out of action for at least half the quarter. More than 3 million people are relying on government support to maintain their employment.
As the economy gradually reopens, more people will struggle to break into the workforce and the increase in unemployment is not expected to dissolve overnight. The economic downturn would last more than few months and would show signs of recovery with effective economic planning.
The government imposed shutdown had an effect on economic activity that is generated by short term moment of people in the form of tourists, or long term economic activity supported by flow of international students, Migrant workers and Permanent Residents.
Having experienced the unexpected disruption caused by the coronavirus, the household savings rate saw a significant jump in Australia. People are spending less despite the increase in social assistance benefits.
Despite the pandemic there is still hope of recovery
The governments around the world have plans of opening up the economies, and are hopeful to leave behind the worst of Covid-19. This news has been greatly welcomed by the business community, since easing of restrictions would increase the economic activity and boost the hospitality and tourism sector.
West Australia for example looks at this as a great historic opportunity to rebuild the economy. The state will introduce the phase three of eased coronavirus restrictions encouraging interstate travel and reopening of many businesses, including theaters, gyms, cinemas and beauty services.
The hopes of positive future were evident in the Australian share market with Australian stocks trading at the highest level since early March. The industry sector finished higher, dominated by healthcare and bank stocks.
If you have been thinking of Migrating to Australia lately, here’s what you could consider.
Let’s acknowledge the fact that it’s not easy time to switch jobs and start a new career, but it’s still helpful to access all the options to plan a better future.
Here’s what you can do, when your dreams of Migrating to Australia don’t match the reality.
A framework for a successful Australian migration depends on the strength of your profile. It’s about focusing time on activities that you are good at and enhancing your skills to match the job requirements. If you are good at something, you get paid for that and Australian employers always look out for talented resources that cannot be filled locally. Focus more time on learning something new that can add value to your career and life.
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