TOUGHER ECONOMICAL CONDITIONS AHEAD

As some of you may remember I made some predictions that this post Covid environment may be tough from a financial point of view for a while to come. It wasn’t really a stretch of logic, but what I didn’t see was a potential second wave of infections starting up in Victoria (and the subsequent lock downs that went with it) and now the very real potential this could reappear in NSW as well.

Figures out today from the ABS *Ref indicate that there’s now around 1 million unemployed in this country (up to 7.4% or 992,300 unemployed people as of today) and the sad thing is its likely to climb higher as the full impact and after effects of the shutdowns is realised. These are 20 year highs to put it in perspective. There’s also talk that half a million people have now completely emptied their superannuation accounts (I don’t have the back up stats for this) in order to keep paying their bills.

What can you do about this? Besides being kind to your fellow humans, not much really. Bear in mind this stuff and the after effects for many people aren’t going away soon. If you need something done or can still spend money in this enviroment please consider sending the way of some of the folk either advertising here or anyone local you know. That is the fastest way to keep money moving. Person to person direct.

With all the negativity in this article it is also important to note that Australia so far has fared better then the vast majority of the world with lower infections and deaths than most reporting countries. In short, it sucks … but could have been a lot worse.

Remember to keep checking back on https://www.clickcanberra.com regularly and support your locals!

unemployment figures in Australia June 2020
Graph taken from the Australian Bureau of Statistics showing Australian unemployement figures

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