Australia’s daily COVID cases are rising, causing restrictions to tighten across the country and creating uncertainty around Australia’s recovery momentum. Continued supply delays and public hesitancy are contributing to a slower-than-expected vaccine rollout and stagnating consumer activity. These trends point to the expectation that sporadic COVID outbreaks and lockdowns in Australia will last until mid-2022, when over 80% of Australia’s population is likely to be fully vaccinated.
The Asia Pacific Market Monitor, updated monthly, gives you a snapshot of country-specific market updates, key developments, and forward-looking trends to watch for the region. Below are three key takeaways for your business to consider in your 2022 strategic plans. For access to the full report and analysis, start your free trial today.
- Canberra joins Sydney and Melbourne in the list of cities under COVID-19 restrictions after witnessing spikes in COVID-19 cases, limiting Australia’s recovery momentum. The highly infectious Delta variant is likely to cause case spikes and snap lockdowns until a significant proportion of the population is fully vaccinated.
- The domestic tourism sector is on an upward trajectory since falling sharply in Q2 2020 amid COVID outbreaks and lockdowns in Australia, with total spending in April growing by 2.1% relative to the same period in 2019. However, overnight and day visitor numbers remain below pre-pandemic levels.
- The central bank has announced its intention to maintain record-low interest rates going into 2024—even as it gradually reduces monetary stimulus. The current US$ 3.8 billion a week quantitative easing (QE) program is expected to end in September, but the unwinding of stimulus will take place in a phased manner over concerns of the impact of recent outbreaks. From September, weekly QE spending will fall to US$ 3 billion until a mid-November review, which will further calibrate spending depending on the state of unemployment and inflation.
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