A measure of Australian consumer sentiment collapsed in April to a 30-year low as social distancing restrictions due to the coronavirus pandemic threatened to push the country's economy into its first recession in three decades.
SYDNEY - A measure of Australian consumer sentiment collapsed in April to a 30-year low as social distancing restrictions due to the coronavirus pandemic threatened to push the country’s economy into its first recession in three decades.
Wednesday’s survey showed the Melbourne Institute and Westpac Bank index of consumer sentiment plunged 17.7%, its biggest monthly decline since records began 47 years ago.The survey comes as the coronavirus outbreak has spread in Australia from less than 100 cases last month to around 6,500 now, killing 62.Listed companies in Australia and New Zealand have already laid off or began considering laying off at least 121,520 people, temporarily or permanently.
Other bleak economic data on Wednesday showed a 90% drop in tourist arrivals from China in February from a year ago. Arrivals from Hong Kong, Singapore and Germany also slumped, according to the Australian Bureau of Statistics . “Australia’s pandemic experience to date has been much less debilitating than that of the hardest hit areas abroad,” Evans noted.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nearly 30% of Americans believe coronavirus was made in a lab, Pew poll showsDespite evidence from infectious disease experts suggesting otherwise, nearly 30% of Americans in a new Pew poll said they believe the novel coronavirus was likely created in a lab.
Read more »
From Pet Care To Beauty Products, Meet The 30 Under 30 Asia Entrepreneurs Modernizing Retail And E-CommerceSome of this year’s ForbesUnder30 Asia honorees in the Retail & E-commerce category are banking on growing need and demand for certain products and re-inventing the retail experience
Read more »
30 Useful Things From Target That'll Help You Finally Get OrganizedThese are some pretty ~neat~ products if I do say so myself.
Read more »
From Economic Empowerment To Waste Management, These 30 Under 30 Social Entrepreneurs Are Making An Impact In AsiaForbes 30 Under 30 Asia listers in the Social Entrepreneurs category have been dedicating their time to solving the region’s problems and creating opportunities to better the lives of those around them.
Read more »
As death toll soars, UK finance minister warns economy could shrink by 30% - reportBritain's finance minister has told colleagues the economy could shrink by up to 30% this quarter because of the coronavirus lockdown, a newspaper reported, as the soaring death toll gave little hope restrictions would soon be lifted.
Read more »