Market Research Report
Retail Savings and Investments in Australia - COVID-19 Impact Snapshot
|Published by||GlobalData||Product code||949834|
|Published||Content info||19 Pages
Delivery time: 1-2 business days
|Retail Savings and Investments in Australia - COVID-19 Impact Snapshot|
|Published: July 9, 2020||Content info: 19 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most countries across the world registering dramatic declines in economic activity in the year to date. Many economists and institutions have cut their forecasts as a number of countries have officially slipped into recession in Q1 2020.
A similar trend was seen in Australia. With GDP contracting by 0.3% in the first quarter of 2020, the country is technically already in recession, with Q2 data expected to be notably worse. However, Australia is among the few countries that have been successful in severely limiting the spread of the COVID-19 outbreak. With the government now easing lockdown restrictions, a rise in consumer and commercial spending is expected, which in turn will support the retail savings and investments market. However, a localized outbreak in the Melbourne area is adding to fears surrounding a second wave, which could have an adverse effect on the market.
This report focuses on the impact of the Coronavirus outbreak on the Australian economy and the country's retail savings and investment market. It also highlights the measures adopted by the government to combat COVID-19. Based on our proprietary datasets, the snap shot contrasts GlobalData's pre-COVID-19 forecasts and revised forecasts of total retail bond, deposits, equities and mutual funds holdings in terms of value and growth rates. It also analyses the effects on HNW wealth, examining the importance of different industries as a contributor to HNW wealth.