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.
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