Miscellaneous
Australia has established an international reputation for weathering global shocks, highlighted by over 28 years of uninterrupted economic growth - longest period of recession-free growth for a developed economy. However, it is clear that the Novel Coronavirus (COVID-19) represents a massive and unfolding international shock, that the OECD warns presents the biggest danger to the global economy since the financial crisis. In fact, new research from ANU economics professor and former Reserve Bank board member Warwick McKibbin warned that GDP loss from the most severe outbreak could be as much as 7.9 per cent, with even a less severe global pandemic possibly taking 2 percentage points off Australian growth in 2020. Already businesses are dealing with lost revenue and disrupted supply chains due to China’s factory shutdowns, tens of millions of people remain in lockdown in dozens of cities in China, Asia, the Middle East and Europe and restrictions on the global movement of people are increasing. And whilst the economic cost increases globally everyday, the massive human impact and disruption in China cannot and must not be overlooked. However, it is also clear that panic buying, racism, mis-information and fake news are fuelling unnecessary fear in communities. The event will look at the current and emerging impacts of the Coronavirus across sectors of the SA economy, the disruption to supply chains and importantly the effect on our strong relationship with China.