This recession is not like any other in living memory. Phase one involved a massive supply shock, phase two will involve dealing with a collapse in demand.
The global economy will never be the same again after the COVID-19 outbreak and neither will Australia in terms of how we work and how we engage with nature.
J.W. Nevile Fellow Tim Harcourt from the UNSW Business School explains how the coronavirus will affect the Australian economy; namely the services exports, tourism and education where the big impacts will be felt.
Australia's trend unemployment rate remained steady in April 2019 at 5.1%, according to the latest information released by the Australian Bureau of Statistics (ABS).